With the rise it once achieved, it surpassed many rival cryptocurrencies. Cardano (ADA), now it is on the verge of a serious regression.
Although Cardano, which lost the third place to Binance Coin, completed its major update, it seems that it did not actually create the expected effect.
Thus ended the days of Cardano as the third largest cryptocurrency. This decline actually came with the loss of the effect of the smart contract frenzy.
Alonzo Update Didn’t Work
Cardano, which achieved a serious rise thanks to the fury created by the Alonzo update, stumbled after the network still did not implement anything serious and fell from the level of $ 3.10. ADA, which saw $3.10 on September 2 and reached a total market value of $100 billion, ranks 5th as of now.
ADA lost not only to BNB but also to USDT, pulling its total market cap up to $69 billion. The next cryptocurrency that is expected to surpass ADA seems to be XRP with a market cap of $51 billion.
It is seen that one point in particular is very critical for the ADA price. Although $2.16, which was previously an important support, is currently trying to hold ADA, it can be said that this will not be enough as the pressure continues.
For ADA price, the loss of $2.16 means a drop to $1.80 and from there the price could quickly drop back to its old point. If ADA fails to hold at $2.16, $1.80, if it fails to hold here, $1.30 are the next points.
*Not Investment Advice.