Cardano (ADA) has gradually slipped from the top ten most valuable digital assets and lagged in the ongoing bullish sentiments, thus being regarded as a zombie coin.
Following the heightened demand for digital assets by institutional investors and retail traders, Bitcoin (BTC) has led the altcoin industry in bullish sentiments. However, Cardano (ADA), a large-cap altcoin, with a fully diluted valuation of about $20 billion and a daily average traded volume of around $245 million, has struggled to lift off in the last six months.
According to the latest crypto oracles, Cardano’s price against the US dollar has remained below the 200 weekly Moving Average (MA) since May 2022 to date. On the other hand, Bitcoin price is up more than 200 percent in the same period. Additionally, Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) are all trading above the 200 weekly Moving Average (MA).
As a result, some market analysts have referred to Cardano as a sleeping giant while others have categorized it among the zombie coins.
Hoskinson Defends Cardano Ecosystem
In a recent X post, Cardano founder Charles Hoskinson reminded the network’s critics that the next six months will involve a dozen good news for the ecosystem. Hoskinson reminded Cardano’s critics that ADA is here to stay as it focuses on solving real-world economic, political, and social issues.
“We are on the verge of the most significant hard fork in the history of the project, tons of community DApps are growing rapidly, we are leading the industry in scaling R&D, rare evo is going to be a huge event, the Foundation summit huge, we’ll be at Token 2049, technologies like Hydra are maturing, we have partnerchains, midnight, prism, tons of community events, catalyst, and then the constitutional convention in Argentina,” Hoskinson noted.
Notably, the Cardano Foundation has announced a strategic partnership with Entre Ríos state to further enhance blockchain development and adoption in Argentina. With other dozens of strategic Cardano partnerships, Hoskinson is confident that ADA will significantly benefit from the mass adoption of digital assets led by institutional investors.
🎊 We are delighted to announce a new partnership in Argentina! 🇦🇷
Following a public signing between @frigeriorogelio and @rafaelfraga_f, the #CardanoFoundation is collaborating with Entre Ríos state to further #blockchain adoption.
¡Viva la comunidad y la blockchain! pic.twitter.com/cshxrRjOe4
— Cardano Foundation (@Cardano_CF) June 5, 2024
ADA Market Outlook
Since the Alonzo Hard Fork, the Cardano network has grown into a vibrant Web3 ecosystem, with more than $257 million in total value locked (TVL). As of this report, more than 565 million ADA have been locked in different web3 projects led by Minswap, Indigo, and Liqwid, among others.
In a bid to attract more investors, the Cardano network has several meme coins such as Snek (SNEK), and Hosky Token ($HOSKY) among others. However, the Cardano network has faced intense competition from other layer-one chains such as Ethereum (ETH), Solana (SOL), and Toncoin (TON).
From a technical standpoint, ADA price has been forming a bullish megaphone, which is preceded by explosive growth. If the buyers defend the current support level, the ADA price is aiming for $1.18, which coincides with the 1.618 weekly Fibonacci Extension.
next