On Thursday, October 6, the eighth largest cryptocurrency by market cap, Cardano (ADA), dipped by 0.46%. However, today, the currency started the day on a positive note as it hit a high of $0.437.
However, the altcoin could not sustain the bullish trend for long and again slipped into bear captivity. At the time of writing, Cardano is valued at $0.427, which is down by 1.29% over the past 24 hours.
Meanwhile, though Cardano’s Vasil hard fork had promised to improve network stability, the upgrade has failed to gain traction with regard to its staking value.
Cardano’s TVL (Total Value Locked) is currently at $76.66 million as it declined 76.49% from its March high of $326 million in March this year.
Cardano Price To Drop By 35%?
On the flip side, Cardano’s transaction volume has increased by 51.3%, and the smart contract use has surged by 11% with metadata and 14% without it.
More specifically, transactions reached 51.2 million, an increase of about 4.2% since August. In addition, the wallets involved in betting have increased by 3.4%
Amidst decreasing total value locked (TVL), Cardano’s social media mentions daily have hit a 90-day high of 52,470, as calculated for September 23.
Cardano has experienced an increase in selloff over the past few months, forming a descending triangle that points to a bearish move. ADA could experience a bearish breakout as the triangle approaches the intersection soon.
If Cardano’s bearish prediction turns out to be accurate, the next crucial level to without will be $0.35, which is nearly 35% down from the current reading.
