Cardano hits a new low despite another milestone

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Cardano hits a new low despite another milestone

By Motiur Rahman - min read
  • Cardano has lost 13% in seven days to hit a new bottom for the year

  • The blockchain continues to attract new projects as Plutus scripts near 5,000

  • ADA is still very bearish, and a lower price is possible towards year-end

Barely two weeks to the end of the year, Cardano price (ADA/USD) shows no signs of resuscitating. Trading at just $0.264, ADA is extending its losing streak in the year, having lost 13% for the week. The level is now a new low for the cryptocurrency. But as speculators continue to wane, Cardano enthusiasts should be happy for a new milestone.

According to Cardano’s weekly data, the number of smart contracts on the platform is closing to the 5,000 mark. The contracts hit 4,855 in the past one week after increasing by another 400. The total projects launched on Cardano now stand at 111 after the blockchain added 3 more members.

The rising projects on Cardano show that its September Vasil upgrade continues to bear fruits. But even as this milestone pays off, Cardano’s bear market is not over yet.

ADA trapped in a descending channel amid bear indicators

ADA/USD Chart by TradingView

From the technical outlook, ADA is still trapped in a descending channel. The cryptocurrency trades at the bottom of the channel with weak momentum. From the previous price action, ADA has jumped any time it hits the bottom of the channel. We may see slight price appreciation before the cryptocurrency claims another potential low.

The technical indicators are bearish. The MACD has moved further into the bear zone, with the indicator shifting below the signal line. The volume indicator is more on the sell than the buy side, suggesting a further bear market.

What to do next for ADA?

Although there is an increase in activity on the Cardano blockchain, it is better to keep off buying ADA now. The bear market could stay longer, and ADA could claim a new low in the year based on the price action. Investors would be better off buying from a confirmed bullish reversal signal.

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