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After recording losses for much of the week, Cardano (ADA) now appears to be seeing a creeping bullish revival in its price at the time of writing. Per data from CoinMarketCap, ADA is priced at $0.4176, up by a marginal 0.78% over the past day.
Cardano is not alien to bullish price jumps, and despite the gloom in the broader industry that has seen the combined crypto market cap slump by more than 4% for the week, the likelihood of ADA printing a solo upshot cannot be ruled out. Thus far this week, Cardano has not met or shown enough grit to meet some of the projections from market leaders.
For instance, it was projected that ADA could be heading for the $0.55 price target, according to insight from Elliott's wave indicators. While this level is still feasible in the long term, the current Cardano outlook is showing the completely reverse movement.
Herein lies the key roadblock to the imminent bullish revival of Cardano, and that is antagonistic actions from key HODLers of the digital currency. Another roadblock foreseeable in the long term is any imminent delay in some of the growth initiatives outlined by Input Output Global (IOG).
Dangers of playing more than second fiddle
In the race for dominance as the most versatile and robust Layer 1 smart contract enabler, Ethereum is still considered the largest blockchain protocol. Cardano, riding on the strength of its technology and consistency in innovations and upgrades is considered the next in line.
However, the slower growth on Cardano as it relates to other competing chains is a major threat to the ambitions of the protocol both now and in the future. While most blockchain protocols are still evolving and innovating, anything beyond the next in line for Ethereum on all observable metrics will not aid the growth of Cardano in the long term.
Yuri Molchan
Arman Shirinyan
