coinquora.com
Cardano’s ADA price has plummeted drastically from its $3 all-time high (ATH) to a weekly low of $1.21 on CoinMarketCap. With this phenomenon, traders keep doubting whether this represents an end game for ADA in the crypto market or not.
Nevertheless, the Cardano community strongly believes that ADA is preparing for a competitive parabolic ride soon. Unlike how traders keep contemplating about ADA, the community has a different mindset that Cardano will surely survive this bear trap.
Additionally, the ADA price downtrend is attributed to its never-ending “Fear, Uncertainty, and Doubt (FUD)” speculation in the market. As Cardano price keeps going back and forth between $1 and $3, most of the outlined speculations and rumors are based on the lack of blockchain development. Moreover, one of the big sides of ADA’s downside is the lack of smart contracts.
In fact, this forms a huge part of why traders are unhappy with the slow growth of the Cardano network compared to other existing blockchains. Apart from this, many heavyweight fintech companies have started adopting the Cardano network.
However, as more and more decentralized applications (DApps) are yet to be released, the ADA ecosystem is getting started with a new outlook. Also, with intuitive support from the Flexa network, the ADA token can now be used to pay for goods and services in over 40,000 different stores.
As an online payment giant, Flexa showcases the ADA token is in high demand for transactions, according to the report.