The cardano ADA dropped to $1.58 on Wednesday, marking a 15 week low. In the coming weeks, the news that social trading exchange eToro intends to delist both ADA and TRX, for U.S users.
In the run-up to the release of Alonzo smart contracts, Cardano hit an all-time high of $3.10. Despite wider market rallies, it has not been able to retest this level, having been caught in a slump.
The support provided by the $1.90 level has proven to be a key level of significance during this downtrend. It didn't hold last week. The weekend saw Cardano fall below this level after the bulls stepped in to post a recovery of sorts over the previous two days.
Since Alonzo went live, Cardano investors have voiced their concerns on social media, especially with regard to the lack of functional dApps. eToro announced on Tuesday that they will no longer support Cardano or Tron trading and staking.
The firm didn't go into specifics, as the evolving regulatory environment forced their hand.
IOHK CEO Charles Hoskinson said it was a developing story that he had no idea about. He blamed the current regulatory situation in the US, citing lack of clarity as to the delisting.
He tried to assure token holders that there were no liquidity problems at the same time. He also said that despite eToro's decision, Luxembourg-based Bitstamp has just announced they are listing ADA.
There are cracks in community confidence.
It s human nature to focus on the here and now, regardless of the assurances. For the last three months or so, the price of Cardano is showing signs of weakness.
A Reddit post, pointing out the lack of dApps post-Alonzo going live, has caused the jitters to spread to social media.
The slow rate of dApp releases was attributed to the slow rate of releases of dApps to Cardano's SDK, which is 100 x more complex than other kits, according to the top-voted answer, with 1,900 upvotes. While Solidity has its flaws, developing onEthereum is much easier to do.
Other comments latch onto the same vein talking about the obscurity of Haskell, versus other more established programming languages such as JavaScript.