$USDC Prediction: Why is Cardano (ADA) declining and what are its next levels?.
Cardano (ADA) is trading at $0.5978 at the time of this writing, registering a decline of 0.2% on the day, 12.3% weekly, and 17.6% monthly. The selling pressure is strong, and control is in the hands of short-term sellers.
Meanwhile, the overall cryptocurrency market shows mixed sentiment, with Bitcoin still trading at the $104,000 level and the total cryptocurrency market capitalization with barely a 0.4% daily gain.
Despite these figures, ADA was one of the most popular tokens on CoinMarketCap yesterday.
What is motivating the current levels of ADA?
Currently, Cardano is going through one of the most delicate moments in its recent history. In recent weeks, internal tensions have arisen within its community, marked by disagreements between project developers and a portion of its supporters.
Adding to this is the controversy surrounding its founder, Charles Hoskinson, who was accused last month of alleged embezzlement of over 600 million dollars in ADA. In response, Hoskinson published a detailed audit aimed at clarifying the situation and providing greater transparency.
Despite this tense climate, a proposal from Hoskinson himself to use part of Cardano's treasury to purchase Bitcoin and stablecoins, in order to buy back ADA in the future, has sparked some optimism among project enthusiasts, who see it as a strategy that could benefit the price in the long term.
