ADA Faces ☁️ - Time to Short?
Most altcoins face bearish trading conditions in the next 24 hours, ADA included. Over a one-week horizon, these bearish and cloudy trading conditions will spill over to Bitcoin which is likely to face downside risk, just as Ether, Ripple’s XRP and Cardano.
“The Cardano network has no meaningful use or any credible track to get it,“ according to K33 Research, singling out the fact that there are no stablecoins issued using the Cardano blockchain.
“No USDT or USDC in a network generally means that no meaningful decentralized finance (DeFi) occurs, and that Tether and Circle attest to this because if something went on, they would issue stablecoins there,” the crypto research consultancy said.
“All price signals also point to Ada gradually disappearing from the crypto map. Ada has not rallied in line with other ‘stronger’ smart contract tokens when markets have improved, which is a strong indicator of a dying coin,” K33 Research warns.
Follow us for more crypto weather reports!
“The Cardano network has no meaningful use or any credible track to get it,“ according to K33 Research, singling out the fact that there are no stablecoins issued using the Cardano blockchain.
“No USDT or USDC in a network generally means that no meaningful decentralized finance (DeFi) occurs, and that Tether and Circle attest to this because if something went on, they would issue stablecoins there,” the crypto research consultancy said.
“All price signals also point to Ada gradually disappearing from the crypto map. Ada has not rallied in line with other ‘stronger’ smart contract tokens when markets have improved, which is a strong indicator of a dying coin,” K33 Research warns.
Follow us for more crypto weather reports!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.