[Bloomberg’s senior ETF analyst questions Cardano’s future]
Bloomberg senior ETF analyst Eric Balchunas recently expressed concerns about Cardano’s future. He pointed out that Cardano failed to meet the high standards set by founder Charles Hoskinson, especially when Hoskinson predicted that Cardano would surpass Bitcoin and become part of government infrastructure. However, with the way Cardano is trending, these goals seem unlikely to be achieved, calling into question Hoskinson’s commitment.
Once viewed as one of the top ten cryptocurrencies with potential, Cardano now struggles to compete with newer, more dynamic blockchain rivals such as Solana and Ethereum. Solana is a breakthrough in the decentralized applications and DeFi industry that Cardano has yet to achieve at scale.
Additionally, Hoskinson’s seemingly distant relationship with Cardano, coupled with ADA’s poor performance, led to a decline in investor confidence. ADA faces resistance at the 50-day EMA around $0.34, while the 200-day EMA is also above the 50-day EMA, further showing its weakness.
Unless Cardano can rediscover its innovation and vitality, ADA may come to be viewed as a shadow of its former glory amid the advances of rivals such as Solana and Ethereum.
