Is ADA dead?ADA ATL is a gruesome look at the promising coins' position in the market. However, a long-term rally is coming; we can't see it amongst the bulls dumping this project into the ground. Is ADA dead? Right now, it's suffocating slowly, and all indicators show a continuous trend down in the short term, so where is the absolute bottom and when moon? If the fib is anything to go by, our likely interest point is 0.3c. However, movement down towards 0.15c is not off the table either in an absolute worst-case scenario for the struggling coin.
** Disclaimer** I'm a novice trader working to put my thoughts out there to see how they stack up against the market - please feel free to share/comment on my studies - please don't use this chart as financial advice
ADA seems to be dead for a coin that had an insanely passionate and public founder who engages with his community and focuses on building a heavily valuable blockchain.
The Vasil upgrade brought insanely functional performance enhancements; it was energy efficient before ETH and Bitcoin using proof of stake ( a side note, the founder, Charles Hoskinson, helped create Ethereum). ADA can handle 1700 transactions a second, and its utility goes beyond just NFTs (governments and healthcare sectors have adopted the utility of this coin, to date, someone also purchased the deed to a house on Cardano.) It continues to push deep into ATL, and it's unclear why.
So with all the beauty and usefulness of the network, why is ADA sinking into new ATLs?
ADA sits well below its 200MA and 50MA markers. Its average volume is dropping, too, as it seems long-term patrons are slowly losing faith in this coin. What I see causing this is that competing currencies seem to be getting more attention over more fickle capabilities versus ADA's research-first approach branding.
ADA has dipped below the 0.37c mark after being stuck in a side channel since May. Regardless of the immediacy of the issue, ATL always invites long-term highs, especially as the potential for more intelligent investors to enter the ring when the crypto winter ends is on the tables. Astute retail investors are a dime a dozen as most people seek moonshot investments and instant squeezes, which likely also places pressure on the coin's market price. I suspect people see the $4 high compared to the current price and assume moonshot tomorrow.
But the capabilities, utility and future outlook for Cardano, from my novice point of view, is bullish - but when I say long term, I do not mean in the next 2-5 months or even after that. I'm thinking 3-5 years. Suppose the network and pools can outlast this challenging low. In that case, I believe ADA has a healthy future as more innovative and intelligent investors soak up the spillage on the floor when they realise the giant sleeping potential of this overlooked network.
For now, I'm monitoring for a comfortable entry point to avoid dilution due to the FUD and bulls. I understand that I will likely bag hold until better signals come - please note that this is a risky play, and I don't recommend you follow my idea if you do not aim to hold beyond several weeks, let alone months or years.
