The eighth-largest cryptocurrency, Cardano (ADA), is still having trouble in a volatile market and lacks the necessary impetus to break out of the current consolidation.
Consequently, well-known market expert Ali clarified that Cardano is imitating a previous pattern that was observed between 2018 and 2020. Because it may be trapped in this consolidation zone until July 2024, ADA is not yet out of the woods if history is any guide.
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After a period of stabilisation between 2018 and 2020, Cardano enjoyed a massive surge that sent the cryptocurrency to all-time highs of $3.058 in 2021.
Consolidation Continues for Cardano: Is the Worst Over?,Consolidation Continues for Cardano: Is the Worst Over?
However, Ali said that depending on a number of exclusions, the ADA may see a breakout as early as December of this year.
Cardano has been the beneficiary
The number of addresses in loss has risen to 93.61% because to the slow progress on the Cardano network.
Based on the observed negative momentum, IntoTheBlock data indicates that the number of addresses in loss has increased to 4.71 million.
Interestingly, ADA addresses that have a positive net worth are valued at 192,270, or 4.32% of the total.
Due to declining profitability, a large number of Cardano holders have been negatively impacted by the current market volatility.
Charles Hoskinson of Cardano, meantime, recently clarified the reasons for the Hydra upgrade’s failure. He refuted ZyCrypto’s allegation that the update couldn’t process transactions more quickly.
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Because it will improve Cardano’s node synchronisation, API endpoints, and on-chain speed, the Hydra update is expected to be a game-changer.
From a long-term optimistic perspective, there is still promise in the Cardano network even with the consolidation and bearish trend that has been observed. For example, because of its improved sustainability, interoperability, and consensus process, ADA is one of the top blockchains in development.
Consolidation Continues for Cardano: Is the Worst Over?,Consolidation Continues for Cardano: Is the Worst Over?,Consolidation Continues for Cardano: Is the Worst Over?,Cardano Coin Crypto news, Cardano Coin News