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Cardano: course is weakening - what will the end of the year bring?

 


Cardano has not been able to meet investor expectations since the release of Alonzo. Because it turned out that DeFi on the Cardano blockchain would remain a long-term goal even after the release. Not only did that generate a lot of criticism, but it also had a more or less effect on the course. Because ADA, the native token on the Cardano blockchain, benefited from increasing expectations almost all year round.

This makes Hydra more and more important for Cardano, because the upgrade should solve a number of problems, including the low transaction throughput. This is expected to increase when DeFi protocols go on the market. A first update of the second-layer solution followed last week, but it is still far from being part of the mainnet.

At the beginning of December, SundaeSwap was able to start its test network, which received quite a lot of attention, but the long-awaited decentralized exchange will also be a long time coming. Meanwhile, Solana and the Binance Smart Chain are enjoying great popularity, and Terra and Avalanche have recently thrown their hats into the ring.

Hoskinson throws down criticism

This gave rise to criticism that Charles Hoskinson received during an AMA . However, the boss and founder of IOHK protests against the negative representations. Accordingly, one has to appreciate the overall performance and this would show that Cardano is doing better in every respect at the end of the year than at the beginning of the year.

It is not the first time that Hoskinson has had to face his project. After all, it was years before Cardano had anything to show for it. In the course of development it became clear again and again that appointments had to be postponed and in the end the question arises whether Cardano is perhaps even greatly overrated at the moment in view of this.

ADA course dances on the edge

The headwind that Hoskinson encountered is also likely due to the fact that many of the questioners feel a great deal of uncertainty when they look at the charts. Because ADA has been in a range between $ 1.19 and $ 1.42 since the beginning of December.

A tremendous game that Cardano does not have to endure alone. With a few exceptions, the situation does not look good for most Altcoins. Given the pace of development, it is unlikely that ADA will be carried up by bullish news this year.

Therefore, in the end it will be more decisive how Bitcoin behaves in the coming weeks in order to better determine the direction for ADA. Should Bitcoin leave the current range down, it should preferably not go below the range of 40,000 US dollars. At the top, the area of ​​53,000 US dollars for the Bitcoin is the station that has a special meaning for the bulls. This is because it would first have to show whether a reversal back to the year-end lows will take place or whether the next resistance at US $ 57,000 and US $ 61,000 can be tackled.

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