Cardano (ADA) is often a target for criticism, especially within the Ethereum community and the crypto winter has not changed that. From being called a ghost chain to a meme coin, the digital asset has seen it all. This time around, another vocal critic of the blockchain has come forward to give a grim forecast for the token.
Cardano Will ‘Plummet’
Mike Alfred has always been a known Bitcoin maximalist that has openly criticized the Cardano network. At one point, Cardano founder Charles Hoskison had threatened to sue Alfred before he slowed down with his ‘criticism’ but he has not completely stopped.
Alfred recently took to Twitter to once again talk about his favorite digital asset to dump on. This time around, the Digital Asset Data founder mocked the digital asset for having no value and no interest. He said that the asset which has already seen a massive decline would continue to plummet over time.
“Poor Cardano continues to languish away,” the tweet read. “No interest, no progress, no unique value for society. Seems like the devs are done. ADA is sitting precariously at 31 cents and looks poised to plummet down into the teens before the end of the year. Not too late to sell and move to BTC.”
The VP of Community & Ecosystem at IOG, Tim Harrison would respond to Alfred not long after. Harrison lauded the Cardano community for keeping it going while using Alfred’s insults toward the network back on him.
Poor Mike continues to languish away. No interest, no progress, no unique value for Twitter. Seems like he is done. Meanwhile an amazing #Cardano community keeps building. And ripping up Lausanne. Congrats to @I_Am_DTaylor & team on a fantastic #CardanoSummit2022 Day One 👍🙏 pic.twitter.com/STYyxWzyeX
— Tim Harrison (@timbharrison) November 20, 2022
Will ADA Keep Crashing?
So far, ADA’s price is still following the general market trend, so it comes as no surprise to see that Cardano is in the red along with the rest of the market. However, ADA holds more potential for downside compared to the other members of the top 10.
ADA price at $0.3 | Source: ADAUSD on TradingView.com
It is already trading at $0.3 and if technical indicators are to be believed, this is not the end of the decline. Current technicals actually put ADA at a bottom of $0.15-$0.20 before the market recovers. The digital asset will also consistently trade below its 100-day moving average until the bottom is marked.
In light of this, taking any drastic decisions regarding Cardano investments is not wise right now. There is still a lot of uncertainty washing over the crypto market and it will affect coins already having a hard time the most.
ADA is already down 7.77% in the last 24 hours to be trading at $0.3037 at the time of this writing. It is the eighth-largest cryptocurrency with a market cap of $10.5 billion.
Featured image from CryptoStars, chart from TradingView.com
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Author: Best Owie