Cardano's price has significantly dropped by over 35% this year, while Bitcoin has soared by 65%. Despite being one of the biggest players in the crypto industry with a market cap of over $12 billion, Cardano is considered a "ghost chain" as it lacks major activity and developer attention. It has a small presence in the decentralized finance (DeFi) sector and lacks presence in industries such as meme coins, stablecoin-enabled payments, non-fungible tokens (NFTs), and gaming. Cardano's valuation is considered overinflated, but there is potential for a bullish breakout if it can surpass the descending trendline.



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