Last week, Cardano (ADA) enjoyed a remarkable resurgence when buyers successfully drove the price up beyond $0.28 and $0.29, temporarily crossing the $0.30 barrier and peaking at $0.3013. In spite of Bitcoin and Ethereum’s corrective swings, ADA is presently diminishing. Crypto Capital Ventures analyst evolved the concept of “bull market doors”, but it was devoid from ADA’s chart, hinting the market is in a bottoming stage or sideways trend. On 6-hour and daily timeframes, a symmetrical triangle seems to be forming, promising possibly either an upward push to $0.34 or a downturn to $0.25. Fortunately, Steady proliferation can be observed within the Cardano eco-system such as growing Total Value Locked, attributed to suitable conditions for Decentralized Finance (DeFi. Despite a market downtick, chasers are let down, potentially culling profits instead of expecting long-term growth potential. This pessimistic sentiment is additionally amplified as the US SEC benchmark Cardano as a security. Therefore, mainstream exchanging interface including Revolut, eToro and Robinhood refused to serve ADA prospects.
