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.