ADA Stumbles to $0.32 as Under-the-Radar Coin Soars to Record Highs – Endgame for Cardano?
Popular layer 1 Ethereum rival Cardano ($ADA) has stumbled to $0.32 after absorbing overnight losses of around 1%, capping a 7-day depreciation of 10%.
Cardano posted the worst overnight depreciation of any top fifteen cryptocurrency. Its performance is comparable to Ethereum’s $ETH token, which shrank 0.5% overnight and 6.8% over the week to change hands at $2,504 as of this writing.
Meanwhile, market leader Bitcoin ($BTC) added almost a percent (0.7%) and fell back about 6.5% to trade at $58,875 Tuesday morning UTC.
Two of the markets biggest layer 1 Ethereum alternatives, the $62 billion cap Solana ($SOL) and the $9 billion cap Avalanche ($AVAX), both crashed about 15% in the last seven days and currently trade for $134 and $22 respectively.
For crypto fans, Cardano is as stalwart as they come.
Its founder, Charles Hoskinson, was one of the co-founders of Ethereum back in 2013, although he was removed from the team a year later over differences of opinion as to the network’s future.
Hoskinson wanted Ethereum to be commercial and co-founder Buterin wanted it to be a non-profit.
Since then, Hoskinson has been working on Cardano, the token for which was released back in 2017. Cardano is a similar offering to Ethereum in terms of tech and applications, but with cheaper gas fees.
Yesterday, Cardano completed the “Chang” upgrade, which enables $ADA token holders to vote on network development proposals, thus democratizing and decentralizing it.
Still, the news wasn’t enough to send $ADA rallying. If anything, the token is currently trading at a recent support level (green line), and with resistance (red line) declining from $0.45 to $0.40 over the course of the summer, $ADA’s chart is forming a descending triangle pattern,
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