Cardano: These Factors Have A Negative Impact On ADA Price

Cardano is said to be designed in such a way that it performs better than Ethereum when it comes to running smart contracts. Cardano has now lost 86.2% of its $3.09 all-time high ADA still remains as the 8th largest crypto by market capitalization $1 trading price remains a big challenge for Cardano After all, Charles Hoskinson, the founder of the ADA network, was one of the developers of the network of what is widely recognized as the “king of all altcoins.” Hoskinson made sure the work he has done with Cardano was better, enhancing its smart contract performance. But even that improvement seems to fall short in helping the digital currency grow, as its price continues to hover around low levels. A look at data from Coingecko reveals ADA changing hands at $0.42, being down by 4.3% for the past week. Despite that, it still belongs to the top 10 cryptocurrencies in terms of market capitalization, ranking 8th with its value of over $14.4 billion. Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price? Cardano In Recurring Price Pattern The ADA/USDT technical chart provides better insight about the price movement of Cardano, which appears to be in a recurring pattern. Source: TradingView There is a descending triangle pattern in the daily time frame for the asset in which its price has resonating response for the past four months. The $0.417 support level, which was already tested thre...