Market Nosedive Sends Cardano (ADA) Deeper Into Bear Territory
26 Aprile 2022 - 1:00AM
NEWSBTC
The crypto market has not been in the best of places recently and
Cardano (ADA) has been feeling the heat especially hot lately. The
digital asset which remains one of the popular and largest by
market cap has had a hard run of it lately, pushing it further into
the bear territory. As ADA continues on this trend of low momentum,
hot on the heels of the market decline, indicators have proven to
not be in the favor of the token’s value. Market Declines By $80
Billion During the weekend, the market had suffered consistent
dips. Following the price of the leading cryptocurrency Bitcoin,
most altcoins had taken a nosedive during this time. One of those
was Cardano which had already been trading below $1 going into the
weekend. The dip had pushed it further into the bear territory
alongside others. By the time the weekend had come to an end, the
crypto market had lost north of $80 billion from its market cap at
the time of this writing. Related Reading | Can Dogecoin Slide
Further? Key Technical Levels To Keep An Eye On This decline had
been one that has been in the making. With the low momentum that
had rocked crypto last week, prospects for the weekend had been
increasingly bearish. This had come to a head as bitcoin had
declined below $40,000, now trading at the $38,000 territory at the
time of this writing. As different altcoins have taken a hit
following this decline, ADA’s outlook at this point has turned for
the worse. This is evidenced by the indicators given that the
digital asset has declined below every important one, causing a
bearish short and long term. Cardano (ADA) Not Looking Good Going
into the new week, Cardano looks to have it worse than other
digital assets in the market. It is currently trading at one-month
lows after a decline to the $0.83 level. A strong contender in the
DeFi space, this has not seemed to have translated to the price of
the digital asset yet. The cryptocurrency is currently trading
below the 50-day moving average at the time of this writing. The
average which currently sits at $0.966 is a strong one that helps
determine the short-term outlook for a digital asset and for ADA,
this indicator points to a very bearish short term for it. ADA
trading at $0.856 | Source: ADAUSD on TradingView.com This means
that the current decline could not be the end for Cardano. If it is
unable to recover and climb back above the $0.86 support level,
then the digital asset’s price could revisit $0.7 sooner than
investors expect. Related Reading | Bitcoin (BTC) Dips Below
$40,000 Over Ukraine And Possibility Of Fed Rate Hike It is also a
seller’s market meaning that all of the indicators point toward
100% sell pressure for the digital asset, especially for the long
term. The next significant resistance point lies at $0.92 but with
the price falling below major support levels, this area is out of
reach for now. ADA is trading at $0.839 at the time of this
writing. Despite the decline, it remains the 9th largest
cryptocurrency with a market cap of $28.36 billion. Featured image
from Investing.com, chart from TradingView.com
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