Cardano Faces Bearish Sentiment Despite Upcoming Upgrade

Cryptocurrency analytics firm Santiment reports that Cardano (ADA) is experiencing its highest level of bearish sentiment in over a year, with traders largely dismissing the cryptocurrency.

This negative outlook persists despite the imminent Chang hard fork, scheduled for later this month, which founder Charles Hoskinson calls the “most significant” upgrade in Cardano’s history. The hard fork aims to introduce decentralized ownership, enhance scalability, and improve security.

However, Cardano’s technical advancements seem to be failing to excite the market, as ADA is trailing behind Dogecoin and Tron.

Meanwhile, XRP is generating significant bullish excitement. The Ripple-affiliated token surged to $0.61 recently, its highest level since early April.

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Market observers often compare XRP and Cardano due to their similar price trends and dedicated followings.

Despite the hype surrounding XRP, it remains down 82% from its peak, while Cardano is down 85.5%, according to data from CoinMarketCap. There are also concerns that XRP’s price rally may not last, as recent bearish divergence suggests a potential decline in bullish momentum.

The price trajectory depends on the outcome of the upcoming decision-making in the SEC vs. Ripple trial. If the outcome is positive for Ripple, XRP could witness significant gains.

As for ADA, although investor sentiment is weak, the upcoming Chаng upgrade could boost the altcoin and put it on the path to conquering its previous ATH.

Alexander Stefanov