Cardano Supporters Appear to Be Getting a Bit Desperate-Cryptocurrency.Mohoagd

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Cardano has been dealt some of the harshest blows in the cryptocurrency market, and some of its supporters have taken to distributing false information. Cardano has been dealt some of the harshest blows in the cryptocurrency market, and some of its supporters have taken to distributing false information.


Due to its increased popularity, FXstreet recently published an article stating that Cardano  could retest the $2.50 milestone.


It is, without a doubt, an intriguing concept. This isn't a guaranteed outcome, though, given the volatile nature of cryptocurrencies.


Despite recent market challenges, Cardano founder Charles Hoskinson believes that ADA may reclaim lost ground. In a recent blog article, he predicted that Cardano-powered blockchain applications would be "as widespread as the internet and used by billions in the future."


Furthermore, according to Hoskinson, blockchain technology is moving closer to widespread adoption. "Adoption will take years to decades, not weeks or months, and it will not be a meme," Cardano argues.


To be honest, I agree with his assessment of Cardano as a slow-burning asset rather than a firecracker; blazing one day, fizzling the next.


Bearish Patterns to Support Cardano?


Naturally, I understand that if you have an investment in a cryptocurrency project, you will view it differently than others. I also understand it on a more personal level because I own some Cardano coins, though I've been limiting my exposure as previously documented in InvestorPlace articles.


But I'm also a realist, which puts me at odds with some of my most enthusiastic followers. That's OK. I don't have an option but to call a spade what it is. So it'll be interesting to hear what crypto analyst Ezy Bitcoin has to say about ADA.


According to a tweet Ezy put out, Cardano appears to be building a head-and-shoulders pattern, which he sees as bullish. Furthermore, the author of the FXstreet.com article, Ekta Mourya,


Bad News is Not Necessarily Good News


Bad news can sometimes be good news for cryptos and other risky assets. If the Federal Reserve believes the economy is in trouble, it may decide to inject stimulus, generating an inflationary tailwind for popular growth strategies (all other things being equal).


However, if that's what's going on, the efforts to turn lemons into lemonade have a credibility problem in this circumstance. Also, be aware of proponents of Cardano who portray clearly bearish indicators as encouraging positive indicators.


Cardano's price is below both its 50- and 200-day moving averages, which is a cause for caution when compared to other major cryptos. Investors should exercise tremendous caution when it comes to ADA, despite the fact that its underlying blockchain is fantastic.

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