TLDR
- Cardano’s trading volume plunged 36.5% to $1.13 billion in just 24 hours.
- ADA’s price dropped by 5.77% in the last seven days, struggling to hold above $0.90.
- Bitget’s decision to delist ADA pairs added to the selling pressure in the market.
- Cardano’s marketing gap continues to hinder investor confidence in the project.
Cardano (ADA) is facing a major setback as its trading volume has fallen by 36% in the past 24 hours, signaling a decline in investor confidence. The drop comes just as Cardano’s price struggles to maintain its momentum, keeping the $1 target further out of reach. With reduced market activity and exchange delistings adding pressure, ADA’s future price movement is uncertain, leaving many to question whether the $1 dream is still attainable.
Market-wide Downturn and Volume Decrease
Cardano has been caught in a wider market pullback, with ADA’s price dropping from an intraday high of $0.9082 to around $0.8897. This represents a 0.85% decrease over the past 24 hours and a 5.77% dip in the last seven days.
Trading volume has plunged by 36.5%, reaching only $1.13 billion. The sharp decline indicates a lack of enthusiasm from traders, who seem less willing to engage in the market amid the current volatility.
Market participants may have decided to step back to avoid potential losses. The decrease in trading volume suggests that many investors are adopting a wait-and-see approach, while others have opted to take profits, especially after ADA briefly topped $0.90. As a result, the price is unlikely to break past the psychological $1 level, at least in the short term.
Exchange Delistings and Profit-Taking Pressure
Several factors have contributed to the recent downturn in Cardano’s price. One significant issue is the decision by Bitget, a major cryptocurrency exchange, to delist ADA trading pairs. This action has added to the selling pressure, triggering a wave of sell-offs and reducing market liquidity. The lack of exchange support has placed further strain on Cardano, causing its price to slide even as other assets in the crypto market show some recovery.
Additionally, many Cardano investors have opted to cash out following the coin’s brief rise above $0.90. Profit-taking has weighed on ADA’s ability to sustain upward momentum. With fewer buyers entering the market, Cardano’s price struggles to break past key resistance levels. The combination of delistings and a decline in new buying activity makes it even more challenging for ADA to push toward the $1 target.
Cardano’s Ongoing Marketing Struggles
Despite its technological advancements, Cardano has struggled with attracting sustained investor interest. Tim Harrison, EVP of Input Output, recently acknowledged that Cardano faces a “marketing problem” and needs to better communicate its value proposition. Without a clear and compelling message, ADA has struggled to capture the attention of investors, especially when compared to other, more market-savvy cryptocurrencies.
Founder Charles Hoskinson’s recent statement that “Cardano is going to break the internet” has been met with skepticism from the crypto community. Many investors have criticized the lack of price movement, questioning the project’s long-term viability.
While Cardano has seen some success in building its blockchain, these marketing and communication gaps may be hindering its growth. With other altcoins outperforming ADA, Cardano’s position in the market remains fragile.
As Cardano faces these challenges, the $1 dream continues to be out of reach. Whether the coin can regain momentum will depend on its ability to overcome these hurdles and capture investor confidence once again.
