Cardano Price Down Again On Broader Market Decline. Here's The Way Back Up
The global cryptocurrency market declined on Thursday as profit-taking reigned. Cardano price was down by 5.2% at the time of writing, taking cues from the broader market, including bellwether, Bitcoin, which was down by more than 1%. Despite the correction, there remains an underlying bullish momentum, with the CoinMarketCap Fear and Greed Index at 71 and still reading “Greed”. Cardano has gained 10% in the last week, but is currently on course to register its second successive loss on the […]
The global cryptocurrency market declined on Thursday as profit-taking reigned. Cardano price was down by 5.2% at the time of writing, taking cues from the broader market, including bellwether, Bitcoin, which was down by more than 1%. Despite the correction, there remains an underlying bullish momentum, with the CoinMarketCap Fear and Greed Index at 71 and still reading “Greed”.
Cardano has gained 10% in the last week, but is currently on course to register its second successive loss on the daily chart. The coin was previously rejected at $0.850 after its recent uptrend, and that mark will likely be the key resistance level to beat heading into the weekend.
What’s Moving Cardano Price?
ADA’s trading volume declined by 25% in the 24 hours preceding this writing, underlining declining selling pressure. That will limit Cardano price downside, and could help it stay above the $0.700 near-term support.
Meanwhile, Bloomberg analysts released their latest odds of Cardano ETF approval, putting it at 75%. While that signals a strong medium-term outlook for ADA price, peers like Litecoin (90%), Solana (90%) and XRP (80%) have a higher chance.
Elsewhere, Cardano is preparing for Midnight airdrop, known as the Glacier Drop. The airdrop will see Night (Governance) and DUST (Privacy) tokens distributed to 37 million wallets across eight major blockchains, including Bitcoin, Solana, XRP Ledger, Ethereum, among others. Recipients will be free to hold, trade or discard the tokens, injecting fresh impetus into Cardano price.
See also
Cardano Price Prediction
Cardano price pivots at $0.772 and resistance at that level points to a downward momentum. The coin will likely find its initial support at $0.753. An extended control by the sellers will break below that level, with the resulting momentum potentially sending the price to test $0.740.
Conversely, going above $0.772 will invite the buyers to take control. If that happens, ADAUSD will likely edge higher to encounter the first resistance at $0.784. The downside narrative will be invalid above that level. Also, such momentum could extend gains to test $0.802.
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