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According to cryptocurrency analytics firm Santiment, Cardano (ADA) is currently seeing the highest level of bearishness in over a year.
The firm has concluded that the cryptocurrency has been "completely written off" by traders.
ADA is suffering from overwhelmingly bearish sentiment despite the upcoming launch of the Chang hard fork that is slated to take place later this month. The hard fork, which will introduce decentralized ownership, has been advertised as "the most significant" upgrade in the history of the popular proof-of-stake blockchain by founder Charles Hoskinson. Apart from community-driven governance, the Chang hard fork is expected to bring advanced scalability and improved security.
Tomiwabold OlajideYet, it seems like Cardano's technical upgrades no longer excite the market given that the token remains outside of the CoinGecko top 10 (below Dogecoin and Troncoin).
In the meantime, XRP is experiencing "huge hype" with erupting bullish narratives, according to Santiment.
The Ripple-linked token surged to $0.61 earlier this Wednesday, reaching its highest level since early April.
XRP and Cardano frequently get compared by market observers due to their similar price trajectories as well as their somehow cultish followings. As reported by U.Today, Murad Mahmudov, a former analyst at banking giant Goldman Sachs, recently downplayed the significance of these two major altcoins, describing them merely as "cult meme coins."
Alex DovbnyaAccording to CoinGecko data, XRP and Cardano are still down 82% and 85.5%, respectively, since their record peaks.
Despite the high level of enthusiasm surrounding the XRP token, there are some worrying signs that its price rally might be short-lived. For instance, XRP bears might point to recent bearish divergence that typically signals a waning bullish momentum.
Gamza Khanzadaev
Godfrey Benjamin
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Dan Burgin