Hello there! November is coming with a strong fundamental support for cryptocurrencies. No need to talk about BTC and ETH which already got their ATH, but today we will be discussing what happen with ADA! And I'm sure there are a lot of ADA fans waiting for this sleeping Giant awake.
ADA reached ATH a little over $3 in September and after that slid all the way down until today lower than $2.
During ADA bullish time in September, there were tons of good news all over the market that ADA was set to explode. Everything was going to happen for real after a long wait and speculation. However after the hype on several updates on Cardano, the result may not impess as most expected. Some projects have been launched on Cardano blockchain with unexpected bugs. No big deal but ADA seemed to lose its momentum after that. Price began to drop and showed an apparent bearish signal. We can see some fans losing faith and out hunting for more exciting tokens like Shiba Inu or back into big bros like BTC or ETH. However, will ADA come back to its position and restart the bull cycle?
Cardano blockchain offers a good infrastructure for projects. But most of the time, technical excellence may not be the answer of what the market needs. In terms of marketing and sales, ADA has to accept the truth that it took off too slow and let its competitors run ahead too far. Although some Cardano projects look so good, but I think it's still difficult to defeat other crypto giants already in the market.
Look at the bright side, day graph of ADA is still on way up, if you don't look too narrow on 5m or 10m chart. And Hydra project which is layer 2 of Cardano blockchain is set to launch before year end. Hope this could be a catalyst driving ADA price back to its path to ATH, while most giant tokens have already made their own ATHs.
With the spotlight shining on NFTs or Bitcoin ETFs, how Cardano can gain attention from the market again is what they have to think about. I still have faith in ADA and I believe ADA will soon get back the spotlight.
Wake up ADA !!!
