The overall market mood is bleak at the moment since none of the top tokens have broken out of sideways trade. The fury over the US Senate’s crypto regulations and prolonged deadlines is the cherry on top.
The cardano price was speculated for an upswing to $1.5. But, by the looks of it, ADA plunged 6% yesterday. The charts are hinting at a handle and cup formation, triggering a quick retracement followed by a bearish downtrend.
Now that ADA price is not in completely bullish momentum, holders would most likely look to sell. But, here are Top 5 reasons provided by popular analyst Ben Armstrong to keep hodling your ADA tokens.
The leading crypto fund Grayscale Investments recently added Cardano into its digital asset portfolio. It holds 4.26% of its assets in ADA making it the firm’s third-largest holding followed by Bitcoin and Ethereum.
Armstrong says, the Grayscale news is just the beginning and Cardano will witness institutional support at a greater pace very soon.
It is known that Cardano has one of the strongest communities in the market. This will prevent its users from falling prey to market FUD and panic sell ADA.
The analyst also points that, The data from Pool Tool suggests that 71.7% i.e 30Billion approx os all ADA in circulation is being staked. This figure puts Ethereum and all other peers behind.
Also, the retail interest in Cardano is increasing, Recently, the trading platform Etoro revealed that Cardano beat Bitcoin to be the most held crypto token by its users.
Not to forget, Cardano’s partnership with Nexo, a crypto lending service. This will enable ADA users to buy, sell, loan, and even earn interest.
The Leader – Charles Hoskinson
The Founder Charles Hoskinson is hugely popular amazon his fans and also enjoys their confidence in his vision and integrity.
Hoskinson stays connected with his users on various platforms. He does regular live streams on Youtube notifying people with updates. Also, he has a pretty strong Twitter game.
Recently, he debunked the criticisms that came his way due to promises he made last year same time.
Hoskinson recently spoke about the Cardano network’s imminent move to Alonzo White. This phase will run for 2-4 weeks before going to the next phase.
Also, in the first stage of the Plutus application, backend integration is slated for the end of July along with the Deadlus integration and ETA of around Aug 9.
Conclusively, Cardano looks strong for now. On the price front too, ADA had held up well amidst the market crash. It has even managed to stay above the key moving averages level. Hence, ADA if not immediately, eventually will kick off a bull rally and surge higher.