With Bitcoin above $ 42,700 at the time of the press, noting more than 15% weekly, most of the top altcoins are painted green on their daily charts. The top earners in the top 20 coins on the market, XRP and Shiba Inu, noted 15% and 25% daily gains, respectively. However, the ADA, the sixth most active coin in the market, is still trading at $ 1.18 near the $ 1 long-term support line, despite Cardano Founders’ rising stance on tokens.
ADA price struggle continues
The ADA price violated its long-term consolidation between $ 1 and $ 1,125, but compared to the rest of the market, Cardano’s gains were slightly lower. The ADA seems to be struggling to move higher, but the $ 1.2 resistance is playing strong right now.
Cardano’s price moved between $ 1 and $ 1,125 in almost a week with the $ 1.12 mark acting as a strong resistance. In the next few hours of February 4th, the ADA broke away from this model and reached a high of $ 1.17 on February 5th.
The worrying part, however, is the ADA range move near the $ 1 mark, which has led to some negative social media comments around the coin. Many on crypto Twitter have linked the ADA price trajectory of the delay with a fixed coin as altcoin prices move around $ 1.
For now, altcoin faces two key resistance points at $ 1.20 and next at $ 1.24, which is also the 50-day Simple Moving Average (SMA). So while there is a chance of a price push if the big market momentum is restored, the pump may be smaller in relation to the price increase.
Cardano Founder Rises on ADA
In a recent interview, Cardano founder Charles Hoskinson criticized CardStarter’s lawsuit against SundaeSwap. He said lawsuits were a “very expensive” way and took a lot of time to resolve disputes. CardStarter has filed a lawsuit against SundaeSwap over a dispute over the number of SUNDAE tokens to be set aside, regardless of the merger of the two projects.
Most importantly, however, Hoskinson reiterated his view that the long-term growth of the network remains the same. Looking at recent developments, for example, the increase in the number of ADA wallets, Hoskinson’s comments on long-term growth seem plausible.
It should be noted that the number of Cardano wallets has increased by 13.08% since the beginning of 2022, up from 2,666,372 on January 1 to a high of 3,015,400 in the first week of February.
For now, the main concern for ADA HODLers is short-term price growth. According to data from IntoTheBlock, 63% of Cardano HODLers at $ 1.18 were out of money or lost. Thus, the ADA short-term recovery will be significant, but this large-scale short-term rally does not appear to be appearing for Cardano HODLers cards.