Cardano (ADA) Sinks Toward $0.20 on Another Market Downturn
Cardano remains one of the highly visible and active projects, but its market price continues to suffer.
Cardano (ADA) remains among the biggest loser in the latest bout of corrections, sinking toward $0.23. The previously hot token burrowed to a much lower price range, despite positive updates from the project. The price sank despite the recently updated roadmap. Not even the recent announcement of a significant update could cause the prices to budge from their sliding trend:\
Yet some believe ADA is still capable of a rebounce, as buyers keep accumulating coins, keeping trading volumes relatively high. Recently, Jackson Palmer, founder of DogeCoin, has sought more information on Cardano for one of his exploratory videos:
Palmer has been known for his balanced, cautious view of the crypto markets, especially when it comes to projects coming suddenly into the spotlight.
Just like many recently popular coins, ADA moves on a mix of hype and severe criticism, and has yet to prove that its proof-of-stake approach and proprietary algorithm work in the real world without glitches. Binance trading is one of the chief indicators of mainstream interest in the coin, as the exchange serves Western investors, as well as Asian traders.
At the moment, Cardano remains merely a spendable coin, a digital asset with a live PoS protocol to keep track of transactions. But the app layer, which is the bigger promise of the project, is still under development and testing. Yet there is already talk of partnerships and potential use cases for the Cardano network.
But tracking the progress of some of the most successful ICOs, at the moment developer activity for other startups is ahead of that of Cardano, which has somehow slowed down in the past months.
Additionally, the Cardano project is also beset by scammers of all sorts, going beyond Twitter impersonation:
For now, ADA coins are only spendable through the official Daedalus wallet, which has also been faked on app stores.
Still, Cardano is in the top 10 of the most active projects on a yearly basis, and in 2018 may line up with the more successful ICOs. Yet despite the positive predictions, ADA has started the year on an upsetting downturn, putting pressure on the initial enthusiasm. When it came to the brief bull market at the end of last year, ADA spiked quickly from $0.03 to as far as $1, before starting the sudden correction and the subsequent slide.
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