Cardano, Safemoon likely to maintain their downward trend in coming week: Report

Cryptocurrency Cardano (ADA) is expected to continue its southward trend following a temporary improvement from weekly lows of $1.2833, recorded on Friday, reports stated.

According to an FXStreet report issued on Saturday, the cryptocurrency staged a decent bounce but lost just shy of the $1.40 mark as investors return amid the online attacks on Charles Hoskinson, the founder of Cardano.

Cryptocurrency enthusiasts took a dig at Hoskinson after he retweeted a year-old tweet that highlighted some Cardano-related predictions.

“Ok, so @IOHK_Charles predicted this a year back.
Update: No asset on $ADA, forget 1000’s of DApps not a single dapp on $ADA, only 1-2 projects announced working on $ADA
@IOHK_Charles what happened to your predictions? What’s the prediction for next 1 year now?.” a tweet read.

At the time of reporting, ADA was trading at $1.34, down by 0.1 per cent, with the market cap at $42,802,081,763. Weekly basis, Cardano has dropped 4.3 per cent.

On the other hand, Safemoon showed some improvement in its value on Saturday as the cryptocurrency gained 2.8 per cent during a 24-hour basis to hit the $0.00000287 mark with its market cap at $1,671,689,194.

Safemoon has maintained its downward movement since the beginning of the month. The cryptocurrency showed some improvements between July 6 and 7, where it hit $0.00000310 and $0.00000312 levels, respectively, but it failed to regain its momentum post these two days.