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Cardano (ADA) Price Drops 5% Amid Trader Shorts, Hoskinson Blames Community for DeFi Struggles
Cardano (ADA) continued its downward slide on Monday, falling over 5% to trade around $0.57, extending last weekâs 10% decline. Related Reading: XRPâs Next Earthquake: Billions Set To Flow In, âSupply Shockâ ComingâAnalyst Market data from CoinGlass shows trader sentiment turning increasingly bearish, with ADAâs long-to-short ratio at 0.75, the lowest this month. The metric indicates that more traders are betting on further declines. On-chain data mirrors this negative outlook. According to Santiment, daily active addresses on the Cardano network dropped from 32,115 in mid-October to 24,280 on November 3, signaling reduced demand and declining engagement. Technical indicators also reflect weakness. ADAâs RSI sits at 32, deep in bearish territory, while the MACD histogram shows fading bullish momentum. Analysts warn that a sustained move below $0.55 could open the door to deeper corrections toward the $0.49 support zone. ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview Hoskinson: âItâs Not a Technology Problem, Itâs a Coordination Problemâ As prices decline, Cardano founder Charles Hoskinson has reignited debate over the networkâs DeFi performance. In his latest podcast, Hoskinson criticized the ADA community for its limited participation in decentralized finance platforms, asserting that Cardanoâs total value locked (TVL) could easily reach $5â10 billion if users embraced native DeFi protocols. He stated, âItâs not a technology problem. Itâs a problem of governance, coordination, and accountability.â Despite over 1.3 million ADA holders staking on the network, few engage with DeFi apps, leading to stagnation. Current TVL stands at $271 million, far behind Ethereumâs $85 billion and Solanaâs $11 billion. Hoskinson argued that without community adoption, attracting users from other ecosystems would remain difficult. Cardano (ADA) DeFi Integration and Institutional Accumulation Offer Hope Despite its sluggish DeFi performance, Cardano remains one of the most active blockchains by development activity, outperforming Ethereum and Solana in late October, per Santiment data. Projects like Midnight and RealFi aim to link Cardano with Bitcoin liquidity and real-world lending markets, potentially unlocking billions in capital inflows. Related Reading: Dogecoin Must Defend This Level To Avoid A $0.07 Meltdown, On-Chain Data Shows Meanwhile, large investors appear to be quietly accumulating. Recent data shows over 37.5 million ADA moved from Coinbase to private wallets, a sign of long-term confidence. Combined with steady token outflows from exchanges, this accumulation phase could lay the groundwork for a future recovery. As Hoskinson puts it, âWe can pretty much do anything, the question is, can we do it together?â Cover image from ChatGPT, ADAUSD chart from Tradingview
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Cointelegraph
Price predictions 11/3: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE
Bitcoin and altcoinâs early November performance mirrors October, where the market ignored historicals and fell to new lows. Will bulls show any interest in buying the range lows?
Cardano (ADA) Price Drops 5% Amid Trader Shorts, Hoskinson Blames Community for DeFi Struggles
Cardano (ADA) continued its downward slide on Monday, falling over 5% to trade around $0.57, extending last weekâs 10% decline. Related Reading: XRPâs Next Earthquake: Billions Set To Flow In, âSupply Shockâ ComingâAnalyst Market data from CoinGlass shows trader sentiment turning increasingly bearish, with ADAâs long-to-short ratio at 0.75, the lowest this month. The metric indicates that more traders are betting on further declines. On-chain data mirrors this negative outlook. According to Santiment, daily active addresses on the Cardano network dropped from 32,115 in mid-October to 24,280 on November 3, signaling reduced demand and declining engagement. Technical indicators also reflect weakness. ADAâs RSI sits at 32, deep in bearish territory, while the MACD histogram shows fading bullish momentum. Analysts warn that a sustained move below $0.55 could open the door to deeper corrections toward the $0.49 support zone. ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview Hoskinson: âItâs Not a Technology Problem, Itâs a Coordination Problemâ As prices decline, Cardano founder Charles Hoskinson has reignited debate over the networkâs DeFi performance. In his latest podcast, Hoskinson criticized the ADA community for its limited participation in decentralized finance platforms, asserting that Cardanoâs total value locked (TVL) could easily reach $5â10 billion if users embraced native DeFi protocols. He stated, âItâs not a technology problem. Itâs a problem of governance, coordination, and accountability.â Despite over 1.3 million ADA holders staking on the network, few engage with DeFi apps, leading to stagnation. Current TVL stands at $271 million, far behind Ethereumâs $85 billion and Solanaâs $11 billion. Hoskinson argued that without community adoption, attracting users from other ecosystems would remain difficult. Cardano (ADA) DeFi Integration and Institutional Accumulation Offer Hope Despite its sluggish DeFi performance, Cardano remains one of the most active blockchains by development activity, outperforming Ethereum and Solana in late October, per Santiment data. Projects like Midnight and RealFi aim to link Cardano with Bitcoin liquidity and real-world lending markets, potentially unlocking billions in capital inflows. Related Reading: Dogecoin Must Defend This Level To Avoid A $0.07 Meltdown, On-Chain Data Shows Meanwhile, large investors appear to be quietly accumulating. Recent data shows over 37.5 million ADA moved from Coinbase to private wallets, a sign of long-term confidence. Combined with steady token outflows from exchanges, this accumulation phase could lay the groundwork for a future recovery. As Hoskinson puts it, âWe can pretty much do anything, the question is, can we do it together?â Cover image from ChatGPT, ADAUSD chart from Tradingview
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Cointelegraph
Price predictions 11/3: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE
Bitcoin and altcoinâs early November performance mirrors October, where the market ignored historicals and fell to new lows. Will bulls show any interest in buying the range lows?