Cardano (ADA) earlier this week raced past $0.60 but found tough resistance above this level, retracing to $0.55. Though Cardano attempted another ascent towards this mark, it fell short again, suffering a correction to $0.49 in Thursday’s early trading session.
The native Cardano token has since traded between $0.52 to $0.54 – a range market analysts contend is crucial for those seeking to jump in. Specifically, they argue that a series of slips towards $0.45 could provide a decent opportunity for Cardano (ADA) buyers to get in.
ADA/USD 7-day trading chart
There’s a general bearish sentiment in the Cardano market and with bears having taken control ahead of the weekend, further slumps are not unexpected.
Hoskinson mockingly invites Vitalik Buterin to Cardano
Cardano creator Charles Hoskinson, also an Ethereum co-founder, appeared to mockingly invite Ethereum’s Vitalik Buterin to jump ship and join the Cardano network. Replying to a Twitter thread by Buterin where he explored the dilemmas he’s facing with Ethereum, Hoskinson told the Canadian-Russian programmer, “it’s not too late to come to Cardano….”
Hoskinson and Buterin’s interactions are not any new, with the two picking out the demerits of the other’s creation in previous instances. Speaking to artificial intelligence researcher Lex Fridman mid-last year, Buterin acknowledged that Cardano definitely has some “interesting things” but criticized its “overrated” academic approach that prioritizes protocol correctness rather than shielding away external risks.
More recently, back in February this year, Hoskinson, in one of his AMAs, suggested he’s not fazed by Ethereum, saying, “Ethereum in its current instantiation is a subset of Cardano.” He also spoke of his dislike for the arrogance of the Ethereum movement for being unwilling to learn from the failures of others.
Now, amidst Buterin’s ‘crisis’ of open contradictions, Hoskinson feels his blockchain could serve the Ethereum developer better.
In response to claims of Cardano being an obfuscated scam (following UST’s fall), Hoskinson invited critics to dig as much as possible as there’s nothing to hide. Cardano came into the spotlight following Terra’s troubles, with critics pointing out that Terra had as much as $30 billion in total value locked (TVL) at its peak. In comparison, the former boasts a significant $19 billion in market cap and only just under $130 million in TVL.
Cardano whales look to stack ADA before Vasil
In what is now becoming a trend, Cardano whales seemingly lay in wait for ADA to bottom out before buying in large volume.
Blockchain analytics platform Santiment in a tweet sent out last Friday observed that between 08:00 AM UTC and 12.00 PM UTC on May 12, on-chain activity by Cardano whales surged significantly. Transactions worth more than $100k rose to the highest since January. With 1,085 transactions within those four hours, the spike reversed a sustained continuous downtrend as ADA’s price bottomed out.
Cardano’s flag touches the summit of Mount Everest
Cardano might not be at the top of its game right now, considering it is changing hands nearly 82.62% off its September 2021 all-time high. However, via a feat of community effort, Cardano reached the highest place on earth. According to a recent Twitter post, Input Output Global CEO Charles Hoskinson has lauded the effort by a community member who scaled the heights of Mt Everest, taking Cardano’s flag to the summit of the world on Mount Everest – 8,848 meters high.
A remarkable achievement, to say the least, Hoskinson called it marketing by the community that other altcoins do not enjoy. He explained that the Cardano community, now with over three million members, is resilient and will continue growing, believing in the blockchain’s philosophy and love for the ecosystem.
To learn more about Cardano visit our Investing in Cardano guide.
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