The Cardano price had a difficult time in November. ADA declined by more than 40% from its highest to lowest levels in November. Subsequently, its total market capitalization crashed to about $49 billion. This was substantially lower than its all-time high of $90 billion. Its ranking also crashed from being the third to the current 6.
ADA price has been under intense pressure in the past few months as investors watch Cardano’s ecosystem. The biggest challenge that the network is facing is that the rollout of decentralized applications (DAPPs) in its ecosystem has been a bit slow.
While many developers are building, investors seem to believe that the network will have a tough time competing with Ethereum. Besides, there are many other Ethereum-killers that have better and faster platforms. Some of the best-known products are Solana, Kadena, Avalanche, and Polkadot.
So, what next for the Cardano price in December? Fundamentally, Cardano is facing a mountain of challenges. Some have even called it a scam. However, this does not mean that ADA price does not have a future. Indeed, there is a likelihood that the coin will rebound and possibly retest its all-time high in December. This means that the coin could be at a 50% discount. All it needs is a spark and its online army will push it high.
The daily chart shows that the ADA price has been in a major bearish trend in the past few weeks. The coin has fallen by about 50% from its all-time high. It has also moved below the 25-day exponential moving average (EMA). The MACD has moved below the neutral level.
Meanwhile, the coin has formed a falling wedge pattern. In price action analysis, a wedge is usually a bullish signal. Therefore, a contrarian case can be made that Cardano will bounce back in December. If this happens, watch out for it to move to at least $3. The alternative scenario is where the coin crashes below $1.
This post was last modified on %s = human-readable time difference 06:58