A prominent Cardano community member argues that ADA’s current ranking as the 10th biggest token reflects market misunderstanding rather than technological inferiority. Critics have widely interpreted Cardano’s position as the 10th biggest cryptocurrency as a sign of low adoption or innovation.
The recent retracement has brought Cardano to a key buying zone, suggesting that a possible recovery could be in the pipeline. Specifically, the current price level marks the support area in a broader descending channel, an area that could determine the near- and mid-term price development for Cardano.
Despite aggressive shorting pressure pushing Cardano lower, traders increasingly expect ADA to trade sideways before a significant upside. Over the past few days, Cardano has remained bearish, with ADA down 6.34% on the week.
Mentor, a dYdX ambassador, has expressed a bullish stance on Cardano, stating that it would gain substantial traction soon enough. He revealed this in a recent X post.
Cardano founder Charles Hoskinson has said that the next Bitcoin push to an all-time high would benefit the overall crypto market, including ADA. In a recent commentary, Hoskinson described Bitcoin as the primary driver of market momentum.
Despite recent correctional price action, analysts still expect a massive bullish push for Cardano to revisit multi-month levels. Notably, Cardano (ADA) has joined a broader market retracement, deviating from its early-year price action.
Experienced market analyst Quantum Ascend remains confident in his projection that Cardano has reached a bottom and will rally from here to a double-digit price. According to him, it is only a matter of time before Cardano pumps aggressively.
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