Cardano's [ADA] price may be struggling, but will THIS help?

Cardano garnered most public votes for the best L1 network award.
ADA has been one of the laggards in the crypto market in recent weeks.

Cardano [ADA] was leading the race to bag the best layer-1 (L1) network award in the upcoming and highly anticipated Blockchain Life Forum in Dubai.

The smart contracts network was sitting at the top, with 2,015 votes cast in its favor, AMBCrypto discovered this via the event’s official voting portal.

Interestingly, Cardano was miles ahead of powerhouses like Ethereum [ETH] and Solana [SOL], who could manage just 484 and 161 votes respectively as of this writing.

The public vote would continue for ten more days. After this duration, the chain with the most votes would be declared the winner.

A prominent Cardano community member stated that winning the award would give the ecosystem and native token ADA a “big visibility boost.”

Well, one could say the token was genuinely in need of a big bullish catalyst.

A tale of underperformance

ADA has been one of the laggards in the crypto market in recent weeks.

While most leading assets have gained substantially over the month, the ninth-largest crypto recorded losses of 3.41%, according to CoinMarketCap.

Moreover, it accumulated just 6.6% gains on a year-to-date (YTD) basis.

The percentage of ADA’s total supply in profit has plummeted from 82% to 76% over the last two weeks, as per AMBCrypto’s analysis of Santiment’s data.

This underperformance also caught the eye of whales, who seemed to have given up on the coin.

The number of wallets holding between 1,000–100,00 coins dropped considerably over the month, meaning that they were selling.

Source: Santiment

Will ADA sink lower?

AMBCrypto studied some of ADA’s important technical indicators to better understand its potential next moves.

The Relative Strength Index (RSI) was hovering below the neutral 50 line. Previous breaches of this level have been unsuccessful. A move past 60 could give bullish traders more confidence.

Read Cardano’s [ADA] Price Prediction 2024-25

The On Balance Volume (OBV) displayed a negative divergence with the price action, implying that the upward momentum might be lost soon.

The Moving Average Convergence Divergence (MACD) risked falling below the signal line in forthcoming trading sessions, causing ADA to plummet lower.