New Lows Against USD


#1

This is not a good sign… making new lows against USDT on Bittrex, down to $0.24 last check even with a very oversold RSI. Other than the first week of trading against USD at the end of the bull run, ADA has made consistently lower highs and lower lows. With zero current support under the price when trading against USD, that is a very very bearish condition for the market to be in, and also explains why ADA is failing to trade well against BTC (goes down when BTC goes up, goes down when BTC goes down).

Technically speaking, there is zero support against USD until ADA hits literal zero… so there’s no way to gauge how low this trend could go.

Without any marketing to educate the general investing public on the use cases for ADA to bolster positive public sentiment to buy into ADA when its declining, we could quickly discover that the value of Cardano is $0.00, because the selling pressure is massive against limited buying support. At some point, we’re going to cross the ‘event horizon’, the point at which buyers are no longer interested in fighting against the sellers, or are simply scared they’ll lose their life savings on a project that is only valuable to cryptographers.

I know Hoskinson would say he’s not in this to make money for day traders, he’s here to ‘change the world’, which is fine and noble, but in order to change the world, people have to believe in what you’re doing, which requires them to understand it. Understanding requires education, and not just education of developers who already believe in the project. Right now, even the people who understand Cardano are selling out in droves, so its’ becoming less and less likely that average retail investors are going to pick up the slack without a good reason to do so.


#2

so sell all now and run?


#3

Any evidence?


#4

I wouldn’t dream of giving financial advice, but from where i’m sitting, this decline could accelerate now that there is nothing holding up the price. I don’t see a single positive metric against USDT, and very few against BTC.


#5

Just look at the markets… it’s self-evident


#6

Not to me. How do you know what current sellers do or do not understand? Are you clairvoyant? :slight_smile:


#7

I have 50% loss, still believe ADA is the best investment that I have ever done.:crazy_face:
Hodl hodl hodl


#8

deleted comment by mistake…


#9

I hope this lower. If LOVE to see it go down to .15. I’d have a garage sale just to support more ADA. It can’t go to zero if I don’t sell. I’ll be happy to throw money in at a penny or a dollar.


#10


#11

You and many, many, many more.

Don’t know enough about TA to say whether it’s being misused here, but something is certainly wrong.


#12

Lol, I had a feeling something like this was going to happen. You could see it in the last update; Charles H. getting visibly frustrated when talking about the crash that would have to happen before we can move forward, and how if you’re getting 1000x on something without doing any work you’re just lucky/not smart ( man has no poker face :slight_smile: at all.) I personally hope it goes as low as possible and stays there for awhile so I have chance to raise some funds. I’m gonna be really pissed if I miss this opportunity.


#13

Well, let’s assume that you’re correct, that all the sellers understand cardano tech and the use cases it will bring in the not too distant future, but they are selling anyway. What does that tell you?

If that is the case, that tells me that they either personally believe that the underlying tech is overvalued, or they believe that the market doesn’t place any value on it, and its therefore not worth holding as an investment. Both cases are bad news, and both are most likely incorrect (or at least incomplete) in my view.

My belief is that the Cardano fundamentals are solid, that the tech is good (better than most, if not all, other cryptos), and that the more investors understand about the project the more likely they are to hold it as a long-term investment rather than sell when they get the slightest whiff of downward market pressure. This requires marketing and educational efforts to be made by the Cardano Foundation to the broader investor market, rather than limiting it to tech talks and conferences that are attended exclusively by cryptography developers and the like.

Look at Ripple, for example. It’s fundamentally much less sound than Cardano, it has a higher max supply than Cardano, yet it enjoys broad market enthusiasm (for better or worse) by many investors and a 4x premium to Cardano in price valuation in the same market conditions. That’s largely because they market the product to the broader public… it has very little to do with the underlying XRP tech which is actually pretty simple. Cardano already has that tech in place in its settlement layer, and it could serve exactly the same function today that XRP does, plus it has plans to integrate a much more robust and resilient computational layer than any other project has ever attempted, so it stands to reason that the valuation should be higher than Ripple if you are calculating value strictly on a utilitarian basis.

My point being that if Cardano is to be successful, having great tech is fantastic and essential, but so is telling people about WHY your tech is so fantastic. This is something that Cardano has yet to even begin doing beyond the very limited confines of the cryptography community. Standing on your own merit is a wonderful principle, but principles aren’t enough to stimulate broader change if standing on your principle means you’re standing on a soap box preaching to the choir.

It would be nice for investors to see Cardano make some efforts in that area, and I think that simple change in the focus of the foundation would make a huge difference in how Cardano is perceived leading to faster adoption and more community interest, rather than watching it suffer the long slow death we’ve been painfully witnessing the past few weeks.


#15

No, that is assuming that you’re correct. I’m only saying I don’t know what sellers do and do not understand, and I’m sceptical that you know any more than me, on that particular issue.

I’m sorry but I don’t have time now to deal with the remainder of your lengthy post, I have real problems on my hands.


#16

i thought the whole market went down


#17

yes, the whole market is down. That’s not the fault of Cardano or Charles Hoskinson.


#18

@TenaciousJ is SO inspiring that I have decided that the crypto market was a phase. Looks like selling all my ADA right now because the market is freaking out about a statement that the SEC made and a statement that the Japanese regulators made. This is a clear sign that the technology as a whole will never catch on and that the general public will never have any use for blockchains.

(Except for deeds, identification, faster transactions, easier compliance, online gambling, hedge against hyperinflation, banking to the unbanked, and (the most important one) making it to where gamers can’t cheat)


#19

ya…why start finding whoever to blame when market going down?

Let’s have faith with the whole industry :slight_smile:


#20

For those that think Cardano is losing value…look at Bitcoin…look at Ethereum…look at Litecoin…look at all the other major coins and tell me which one has gone up 50%…those like me that have lost over 50% ACROSS THE BOARD (all coins) do not PANIC…if you are in for the 5 year goal/plan…you do not worry…BUT if you got in looking to make money in a month or 2 YOU ARE F@CKED…sell your coins please, such that the price keeps going down, and I can buy MORE with the funds I have in reserve…


#21

You just did more use case marketing than the entire Cardano marketing department in one post (wait, IS there a cardano marketing department?). That’s my point. Hopefully they’ll pick it up sooner rather than later.