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Cardano (ADA) is once again on the decline, slipping back to $0.044 just days after reachings its highest value in over a month. The new bearish momentum appears to break almost two weeks of near-perpetual growth.
The price of Cardano began climbing shortly after the release of an update to its Daedalus wallet—which was well received by the Cardano community. IOHK CEO Charles Hoskinson also surprised the Cardano community during a recent Youtube AMA where he revealed that the first snapshot for the Shelley incentivized testnet (a version of Cardano's upcoming upgrade) could be taken as early as November 12th. This means the project is now moving more swiftly than expected.
Throughout this period, Cardano also saw its trade volume grow considerably—almost quadrupling in the last week of October. However, despite Cardano's price bursting to life, the cryptocurrency couldn't maintain its momentum when the overall market switched to a bearish trend.
Cardano now joins practically the entire cryptocurrency market, which has been in a slight downtrend since November 5. It remains unclear what the exact cause of the downtrend is, but it appears to be a natural cooling-off period following a period of strong growth.