Cardano (ADA) Remains a Divided Picture as Analyst Expresses Bullish Prognosis Despite Bearish Market Sentiment

With new developments and predictions, Cardano (ADA) continues to attract attention in the crypto world, presenting investors with a divided picture.

Analyst Dan Gambardello has expressed optimism regarding Cardano's (ADA) strength, asserting that it is now 10 times more robust compared to previous cycles. This optimism stems from several recent developments within the Cardano ecosystem.

One of the most significant steps that Cardano undertook to signify its complete shift into community administration was the termination of its genesis keys. This important development occurred following the Chang Upgrade that went live on September 1.

"IOG burned the genesis keys, fully handing over the chain to the community, and marking the end of the decentralization roadmap," Gambardello stated.

This move adds another layer of security and decentralization to the blockchain, thanks to the efforts of Input Output Global (IOG). According to Gambardello, these elements make Cardano's network far more robust than it was in earlier cycles.

"Cardano is 10x stronger than it was at this point in the last bull cycles," the analyst highlighted.

Another aspect that contributes to Cardano's strength is its Hydra, a layer-2 scaling solution that extends the network's appeal. Hydra aims to enhance transaction throughput while simultaneously preserving high levels of security and decentralization.

This solution could provide Cardano with a competitive advantage, especially in its pursuit of dominating the competition with other top networks such as Ethereum, as scalability is a significant hurdle for many blockchains.

Moreover, ADA's market position has also experienced a substantial change. In 2020, ADA was ranked 12th in the crypto market and had a market cap of $2.997 billion. At the time of writing, Cardano maintains a market capitalization of $12.64 billion.

Despite recent underperformance, Cardano's resilience during the 2022 and 2023 market decline has kept it in the top 10 for an extended period.

On the other hand, technical indicators suggest a cautious outlook for investors, as Cardano (ADA) is currently in a bearish territory in the market. By November 7, 2024, the price of Cardano is expected to climb by 16.86%, according to CoinCodex, to over $0.412024.

At 49, the Fear & Greed Index suggests traders are neutral even at this potential upward trajectory. The price volatility of Cardano had been at 5.70% with 60% positivity, boasting 18 out of 30 days in the green in the last 30 days.

Based on these factors, many analysts believe that today isn’t probably the best time to make investments in Cardano

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