Following the two firm rejections that the price movement of Cardano (ADA) experienced in the previous two weeks, the price is in danger of ending the week in the red once more.
When the buyers hold the $0.42 support level, the bulls’ pressure may cause the price to break up $0.46, at which point the $0.46, $0.48, and $0.54 levels act as the next resistance levels.
Cardano might drop to $0.38 and $0.34 levels if the bears apply additional pressure, and the daily candle could close below the $0.42 level.
Should we be concerned?
According to well-known Ethereum maximalist and ardent supporter Evan Van Ness, the coin is already on its way out and will soon become a “zombiechain.”
In addition to thinking that Ethereum is the best cryptocurrency available, Ness also has some concerning information about Cardano that could have a major impact on its near future.
Less than one transaction occurs on the ADA network every second, which is exceedingly low compared to other assets with a lower market capitalization.
For instance, despite having a market valuation of only $4.9 billion, UniSwap outperforms Cardano on a daily average of seven transactions. For instance, despite having a market valuation of only $4.9 billion, UniSwap outperforms Cardano on a daily average of seven transactions.
This is unexpected given that UniSwap also has a substantially greater daily fee count than ADA, which is presently $1 million against $10,000.
Ness has a lot of negative things to say about a cryptocurrency asset that was once breaking new ground, but some people are still optimistic about its future. The asset will experience a bullish run and conclude the year at a price of $12. It also forecasted that by 2023, its worth will climb up to $18.
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Source: https://coinpedia.org/altcoin/cardano-price-forecast-whats-in-store-for-ada-price-this-october/