Jungle Inc Crypto, a YouTube channel with more than 57,000 subscribers addressed concerns in the crypto community about the future of Cardano, as some have started questioning whether the ecosystem is becoming irrelevant.

Many people are talking about Cardano, suggesting that the ecosystem is dead and pointing out that the price action hasn’t been great. However, those familiar with crypto cycles understand that various sectors of crypto have strong bearish cycles at different times. Coins that seem dead can suddenly erupt, while those that were once considered the hottest can start to die off.

According to Jungle Inc., this is why having some coverage across different assets is essential. He still considers Cardano one of the crypto assets to hold. When looking at the ecosystem, it’s one of the most actively developed out there.

Cardano has seen significant upgrades since the last bull run, especially in terms of scalability, governance, and interoperability, which are crucial areas for any blockchain to improve.

As the upcoming crypto bull run gains momentum, he expects a surge in transactions on the Ethereum blockchain. Despite significant improvements, Ethereum will likely struggle under the load at some point.

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This, according to Jungle Inc., is a testament to Ethereum’s massive volume and transaction activity. However, the network could eventually slow down, making general payments more expensive and slower, reminiscent of the last bull run’s “crazy town” situation.

During the previous bull run, when Ethereum became slow and costly, activity shifted to alternative platforms like Binance Smart Chain, Avalanche, and Solana. At that time, Cardano and Polkadot were just beginning to build out their ecosystems, introducing smart contracts, decentralized exchanges, and launching projects.

They weren’t ready at the start of the bull run. However, this time around, Jungle Inc. believes Cardano is set up, and as the market heats up, a flood of activity could flow into Cardano when people need alternatives.

Developer activity is a key metric, and Cardano consistently ranks among the leaders. Jungle Inc. emphasizes the importance of governance, which he sees as critical for a sustainable blockchain capable of meeting the diverse needs of a global user base. In his view, governance is absolutely imperative.

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There is fierce competition among layer-one smart contract blockchains. While no one is trying to create the next Bitcoin or XRP, many are racing to launch the next layer-one smart contract blockchain, aiming to solve scalability issues and onboard users for gaming, NFTs, and DeFi. Jungle Inc. notes that none of these blockchains are fully ready for scale yet, but if a scalable solution emerges, it could capture a vast user base.

One challenge for Cardano, according to Jungle Inc., is its methodical pace. The academic approach, where everything is researched, studied, and documented, prevents roadblocks but also means Cardano is never on the cutting edge with the newest features.

However, this approach avoids catastrophic disasters. Jungle Inc. likens Cardano’s strategy to how Google eventually overtook Yahoo by building a strong foundation and scaling effectively, even if it took longer.

Despite the emergence of next-generation blockchains like Near, Sui, and Flare, Jungle Inc. believes that older entrants like Cardano, with more developed ecosystems and longer track records, will eventually outperform.

He foresees sector investing through ETFs, where big-time investors may opt for a basket of smart contract blockchains instead of picking winners. Cardano, he suggests, will be included and weighted significantly, which will help it gain traction.

Jungle Inc. concludes that while it may take time, Cardano will likely deliver significant gains in this bull run. Investors need to be patient. Early on, when the market is ripping and roaring, people might chase the next Solana. However, when it comes to onboarding users and providing developed ecosystems, established players like Cardano could see a resurgence.

Cardano has weathered the ups and downs, from a few cents to several dollars, and continues to do great work. It remains a valuable asset, not one to discard.

Cardano’s price action shows that ADA has been trading within a descending channel. The price has made multiple touches along both the upper and lower boundaries of the channel.

The orange line represents the 200-day SMA, which is trending downwards and currently lies above the price. This indicates that ADA is in a long-term downtrend, as prices below the 200-day SMA typically suggest bearish sentiment.

ADA has bounced off the lower boundary of the descending channel and is approaching the middle of the range. The price is showing a slight recovery but it is still constrained by the upper trendline of the descending channel.

The horizontal yellow line around the $0.36 level represents a key resistance point. This level has acted as resistance in the past and is now breaking through it. A breakout above this level could be a positive sign, but it is not confirmed yet.

The overall sentiment, as derived from the chart, is still bearish, given that the price is below both the 200-day SMA and the descending channel. However, there is a potential for a bullish breakout if ADA can close above the upper trendline of the channel and sustain above the $0.36 resistance.

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The post Is Cardano Still a Relevant Cryptocurrency Amid Widespread Bearish Sentiment? ADA Price Analysis appeared first on CaptainAltcoin.

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