Cardano Could Find Strong Support Level Despite Bitcoin Headwinds
That cryptocurrencies are supposed to be decentralized in many ways is a fundamental requirement behind the technology. Likewise, a few coins like Cardano (ADA) have deviated from the ongoing Bitcoin price crash. Also, Cardano support level is likely to...
That cryptocurrencies are supposed to be decentralized in many ways is a fundamental requirement behind the technology. Likewise, a few coins like Cardano (ADA) have deviated from the ongoing Bitcoin price crash. Also, Cardano support level is likely to find a relatively strong position even as macro economic trends are not faring well. Analysts see this as a welcome trend at a time when Bitcoin is at its lowest in the recent past.
Strong Cardano Price Action When Bitcoin Is Falling
Bitcoin is down by around 6% in the last 24 hours, trading at just over the $22,000 mark. Meanwhile, Cardano price action is on the positive trajectory, up by around 10% as of writing. Technical indicators appear to be suggesting a minor blip in the coin’s price.
Tomorrow’s likely announcement of interest rate increase by the Fed is likely to have an impact on Cardano, according to analysis by trader Sheldon Sniper. Adding to this is the overbought signal on the Stoch RSI on the four hour chart, he added.
Cardano Support Looks Good In Short Term
On Monday, Cardano support was found to be around the $0.45 level. It was followed by bounce to the upside towards the next resistance zone, which was around $0.50.
More importantly, Cardano is not likely to drop significantly in the short term, as the next support is likely to be around $0.40 or $0.45.
“If there is a drop, support areas are at $0.45 and $0.40.”
As of writing, ADA price is trading at $0.49, up 9.04% in the last 24 hours, according to CoinMarketCap. Comparatively, Bitcoin is trading at $22,199, down 4.92% in 24 hours.
A Cardano community page on Twitter by name Cardanians suggested several reasons behind the coin’s capability to withstand the current bear market.
“Cardano is currently deployed in developing countries and is used by Dish, a Fortune 500 company. There is no reason to stop because of the cost of the ADA. Cardano is a mission-oriented project. Its mission is not dependent on price speculation.”
They stated that the Cardano project has everything it needs to survive. There is interest from people, businesses, and governments, they added.
Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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