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Cardano (ADA) has joined the scores of altcoins whose price is seeing a downward spiral trailing a broader market bearish momentum. At the time of writing, Cardano is trading at a spot price of $0.3053, with its price down by 0.10% over the past 24 hours. The Cardano slump has also shown a similar bearish growth trend over the trailing seven-day period.
Arman ShirinyanDespite the temporary setbacks as shown in its price, Cardano remains a high flier and a promising token that has continued to maintain investor interest. Despite the bearish outlook in the token's price, it is exhibiting a bullish momentum in other important metrics.
One of these metrics is its trading volume. Per data from CoinMarketCap, Cardano has seen its trading volume jump as high as 45%. This is evidence that there is a very proactive accumulation of the digital currency both on the secondary market and among institutional investors.
Even if the price is slightly depressed but accumulation is sustained, reversing the trend is bound to be easier in the grand scheme of things. Besides the trading volume, Cardano has also seen a slight increase in its holder's balances, according to insights from IntoTheBlock (ITB).
Tomiwabold OlajideCardano fundamentals and growth prospects
Cardano has an active developer base that has helped it churn out several unique products thus far this year. With protocols such as the Lace and Hydra scaling tool as part of the new innovations unraveled on the mainnet recently, Cardano looks primed to welcome new innovative decentralized applications (dApps).
With more functional dApps, the usability of Cardano will be increased and, thus, help drive a maximum surge in the price of the ADA. While the slipping prices may be considered a setback, in reality, it can be considered a push for Cardano to chart a bullish trend in the near term.
Arman Shirinyan
Alex Dovbnya
Dan Burgin