After Cardano went down to $1 in mid-summer, it hit a historical peak of $3 with the news that smart contracts will be integrated into its network with the Alonzo hard fork. Cardano (ADA), which started to decline again after September, dropped to $1.41 and tested the prices in August.
Cardano (ADA) became a crypto asset that attracted a lot of attention from investors as one of the oldest competitors of Ethereum in the first months of the year. On the other hand, it started to lose its popularity, especially after the Alonzo hard fork, as business slowed down and other smart contracts gained traction during this time.
The failure of smart contract features integrated into the Cardano network to progress efficiently and, most recently, the decision of the eToro cryptocurrency exchange to block ADA trading for US citizens, raising regulatory concerns was the catalyst for the decline.
The co-founder of the cryptocurrency Etherium, Cardano founder Charles Hoskinson, made some statements about the decentralized applications (dApps) expected to be launched on the Cardano network, citing security reasons. At that time, he said that dApps could be seen on the network for a few weeks or a few months, while emphasizing that they work with minimum risk and error, and that they are struggling to create high-security software. Hoskinson stated that this process can be expensive and time-consuming.
In this context, Cardano founder Hoskinson continues his fight against all the negative air around him. The CEO emphasizes that the worry and skepticism for ADA, the 6th largest asset of the crypto money markets, is unnecessary.
Hoskinson shared his post; He emphasized that he has a great team that will gradually improve the ADA use case, and reiterated his belief that the cryptocurrency will continue to rise confidently in the coming days, thanks to the Cardano community.
However, the confidence in the ADA in the market general opinion has not been completely exhausted. It looks like Cardano (ADA) needs concrete developments regarding the network to enter a new uptrend. The ADA/USD chart, on the other hand, shows that it may be important to establish a ground above the $1.85 – $1.9 average band for an overall recovery trend.