Cardano Maintains Bearish Momentum Since Alonzo Mainnet Launch

Updated:

Despite previous paintings of record highs by other top cryptocurrencies, Cardano (ADA) continues to struggle to record significant bullish strides, despite the recent implementation of Smart Contracts compatibility on the network.

On September 2, ADA printed a fresh record high at $3.160, bringing its market valuation close to surpassing the $100 billion mark. However, the price has remained in a steep correction ever since, despite occasional bull waves in the broader market.

Slightly over a week after the $3 all-time high sighting, Input Output Hong Kong (IOHK)—the team behind Cardano—confirmed the successful deployment of the Alonzo mainnet upgrade. This upgrade introduced Smart Contract compatibility to the network through the Plutus framework. This announcement gave ADA a small pump to the $2.7 area, but the price resumed its bearish journey a few days later.

That said, ADA has remained on a steady decline to its lowest point in sixteen weeks, pushing it out of the top five crypto rankings, as its market capitalization fell to $50 billion.

Meanwhile, as Cardano struggled to become a substantial competitor in the DeFi/Smart Contract space, Solana has stolen the shine following its meteoric rise in 2021. Solana now holds the number 5 spot on top crypto rankings after overtaking ADA by over $10 billion.

Key Cardano Levels to Watch — November 29

As mentioned earlier, ADA has remained in a steep bearish bias ever since it clocked $3.160 in early September. The sixth-largest cryptocurrency hit a multi-month low of $1.417 yesterday but has rebounded near the $1.600 mark as it remains under intense uncertainty.

ADAUSD – Daily Chart on Binance. Source: TradingView

That said, with the minor bullish comeback across the broader market, we could see a slight bullish continuation/pullback from yesterday’s rebound towards the 200 SMA area at $1.876 over the coming days.

Meanwhile, our resistance levels are $1.650, $1.700, and $1.780, and our support levels are $1.550, $1.500, and $1.445.

Total Market Capitalization: $2.56 trillion

Cardano Market Capitalization: $52 billion

Cardano Dominance: 2.03%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.