• ADA retested key support level after giving up 2023 gains but was struggling to secure bullish momentum.
• A look at what Cardano has been up to reveals a focus on development in key areas.

There was once a time when Cardano was one of the most popular blockchain networks along with its native crypto, ADA. However, it has since been overshadowed by other networks that have become more popular.

But is the future of the Cardano and ADA still as promising as once visualized?

Is your portfolio green? Check out the Cardano Profit Calculator

Cardano’s declining popularity suggested that it has been falling out of favor with the market. This was likely because it was once described as an Ethereum [ETH] killer but so far that aspiration has not panned out. Cardano’s social dominance metric highlighted this as it has been declining and was now at a six-month low.

The low social dominance aligned with the situation in ADA’s price action. The cryptocurrency has so far given up all the gains that it had achieved at the start of 2023. However, it has also found support at the same level that it bottomed out in December 2022, and August 2023. ADA exchanged hands at $0.25 at the time of writing.

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Author: Michael Nderitu

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