Cardano is once again on the lips of market watchers. It turns out that the ecosystem’s native token is the most widely held asset during the ongoing bear market.
Solidity the domain of Cardano
Ever since Charles Hoskinson left the Ethereum team to work on his own ecosystem, he has advertised it as a strong and future-oriented project with developers behind it who put diligence above speed of development. This became a sort of Cardano domain. In this way, a very broad community gathered around it and pinned great hopes and chances of delivering on the promises of the ADA token. In principle, few projects could boast a similar approach and at the same time the result of their work. It is therefore hardly surprising that investors during a bear market have no intention of divesting their assets in ADA.
A survey that explains a lot
A very popular Twitter profile of London Real decided to conduct a survey on investors’ attitudes towards the farming of individual coins. Thus, three coins (Bitcoin, Ethereum and Cardano) were directly compared to each other and allowed to vote for any other coin, while indicating it in the comments. The results of the voting may have come as a surprise:
As many as 77% of those surveyed identified Cardano as the most widely held asset. By comparison, Bitcoin garnered just 7% of the votes and Ether 5%. Diversified coins, not directly included in the list, could enjoy the support of 7%.
This information did not escape Charles Hoskinson. He shared the result adding: “Cardano always shows his strength.”
Updates give momentum
Undoubtedly, additional factors driving Cardano’s strength seem to be the upcoming Vasil Hard Fork, as well as the Consensus 2022 conference, which reveals new features for the next update. We wrote about this in a recent article, under the title: “Charles Hoskinson says Cardano will reveal ‘amazing’ features for input authors next week” – if you haven’t read it yet, be sure to take a look! Both pieces of information are generating a lot of interest from investors, who tend to choose projects with the greatest short-term upside potential during a bear market.
Situation on Cardano chart
At this occasion it is worth to pay attention to the condition of Cardano against the American dollar. We can see that ADA over the last 11 days has gained nearly 50% on its value. After earlier overcoming the descending channel, ADA confirmed it from above as support and started a slow ascending movement. Currently, the RSI is forming a bearish divergence, which may slow down the momentum. However, the FOMO resulting from the upcoming events, has the right to invalidate this indicator completely.