Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A new debate erupted in the Cardano (ADA) community when prominent contributor and ADA staking pool holder Rick McCraken asked his subscribers for their opinion on the Cardano ADA token domination chart. In particular, the chart shows that for the last two months since July, the indicator showing what share of the cryptocurrency market ADA occupies has found support at the level of 0.6%.
McCraken’s question about what this performance might mean for ADA’s market share did not get a clear answer as enthusiasts had different ideas. Some thought ADA had bottomed out, while others said the token’s current position might signal a low point in its overall performance.
Even though there wasn’t a consensus, there was a range of cautious optimism mixed with skepticism about ADA’s future.
Related
As for the contributor himself, ADA dominance looks like it has been bottomed out since July, and such a rebound in support looks like a good indication of it.
Someone approached the answer more cautiously, pointing out that we should first wait for growth and retest of the 0.77% zone, and then retrospectively evaluate the bottom or not. To this McCraken, however, answered that “the bull market might fix it.”
With ADA holding steady at 0.6%, the focus now turns to whether a general bull trend in the cryptocurrency market can drive the token higher, signaling the long-awaited recovery for Cardano.
Related
In the last couple of months Cardano lost its position in the top 10 ranking to Tron and TON, and discussions about its future started emerging in a more worrying tone than previously.
For now, the community remains watchful, waiting for a more definitive test of ADA’s resilience.
Credit: Source link
