Does anyone care about Cardano (ADA) anymore? This is the argument raging online, with Ethereum and Solana about to hit price milestones over the summer. The project has fought off criticisms that it’s useless vaporware for years now, but 99Bitcoins analysts have a bullish and a bearish Cardano price prediction.
Some say hundreds of millions of dollars have been spent on Cardano with nothing to point to, while others have pointed to recent Cardano whale movements.
Cardano CEO: I don’t see how #Bitcoin survives; it’s a religion, not an ecosystem; it will die a slow heat death pic.twitter.com/qV4TJymEim
— Vivek⚡️ (@Vivek4real_) May 23, 2024
Cardano Price Prediction: The Extremely Bear Case
This week, ADA experienced a notable price decline, dropping 7.25% to $0.474.
The slump comes after crypto analyst Justin Bons slammed the project for being overly centralized. He claims Cardano’s parent company, IOG, holds five of the seven ‘genesis keys’ that kicked off the blockchain in 2015.
“The genesis keys allow code changes to be pushed out seamlessly without a hard fork,” Bons explains. “This means IOG could halt the chain, change emission schedules, censor & far more. That is an unprecedented degree of centralized control for an L1 chain,” he adds.
Cardano is currently in a consolidation phase, forming a symmetrical triangle pattern.
With the RSI around 70, ADA’s nearing overbought territory. Key levels: $0.468 support, $0.485 resistance.
Cardano Price Prediction: The Bull Case for 2024
(ADAUSD)
On a bullish note ADA’s price is rebounding after hitting its long-term support line.
Despite the dip and centralization issues, the biggest Cardano whales are snapping up more ADA, showing faith in its future.
The adoption rate of ADA has also shown positive trends. Despite recent price volatility, the consistent increase in new addresses suggests a healthy influx of new users. This bodes well for the long-term growth and stability of the network
Strategic Recommendations for Trading ADA
Cardano, in many ways, deserves the criticism it gets. The community is very insular; Cardano founder Charles Hoskinson only seems to appeal to them — not anyone outside of ADA — and the tech has nothing to show.
If it doesn’t make moves to differentiate itself soon, it will fall further.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
