A bearish trend may be seen in the Cardano price analysis. The coin has been trending lower for the past two weeks, but the bulls have attempted a recovery in the previous two days.
Today, however, bears are once again driving the price function, as a price fall has been noticed.
Cardano price fell steadily during the first four hours of today’s session, but then slowed down in the downtrend for the next four hours, indicating that the damage was smaller for that time period.
Cryptocurrency analyst GertvanLagen assessed the Cardano price trend and concluded that ADA is currently in the 1-2 correction of a 4-5 wave cycle. If the ADA price fails to hold at support, it is likely to fall even lower.
Cardano fails to outperform ETH
Proponents expect Cardano to recover from the price decrease as the Hydra upgrade approaches. Cardano’s on-chain activity, on the other hand, has decreased, and it is now lower than layer-2 scaling solutions. When compared to the top 30 cryptocurrencies, the Ethereum-killer is underperforming.
Despite an increase in the percentage of Cardano tokens staked, interest from retail and institutional investors is dwindling. According to CoinShares data, the year-to-date (YTD) inflow of institutional capital into Cardano is $108 million.
Inflows into Ethereum and Solana have outpaced those into Cardano year to date.
Cardano dominated institutional inflows a week ago, according to CoinShares, with no clear catalyst. When compared to the first half of 2021, the influx has decreased dramatically.