Cardano Price Downside Extends As Ethereum Upsurge Adds Pressure
Summary:Cardano price has been on the downtrend for the better part of the last month and Etherum's resurgence couldn't have come at a worse time. Cardano price has recorded the fourth loss in the last five...
Summary:
- Cardano price has been on the downtrend for the better part of the last month and Etherum's resurgence couldn't have come at a worse time.
Cardano price has recorded the fourth loss in the last five days, once again failing to breach the $0.700 barrier. The crypto coin is on a weak momentum and has declined by 9% in the last week. Those losses have seen it lose the ninth position in to Tron (TRX) according to CoinMarketCap rankings. Furthermore, ADA currently trades below the 50-day Moving Average, underlining the bearish hold.
Cardano Stays In Ethereum’s Shadows
ADA price decline comes amidst a strong performance by Ethereum, the altcoin peer it once had a viable chance of toppling. However, that conversation is no longer in the picture, with Cardano price having declined by 1.2% in the last month, the time frame during which Ethereum price has surged by 43%. That performance is replicated in the DeFi market, where Cardano chain’s Total Value Locked (TVL) declined by -1.8%, contrasting with Ethereum chain’s 12.8% TVL buildup.
Furthermore, Ethereum’s spot ETFs have outperformed Bitcoin’s in recent day, giving it prominence in the institutional investment front. According to Coinglass data, Ethereum spot ETFs registered net positive inflows in the last nine successive sessions, beating Bitcoin, which is on a three-session losing streak as of this writing. This scenario has added weigh to Ethereum’s status as the premium altcoin, leaving the likes of Cardano in its shadows. That said, Cardano price gets some support due to a 2.34% uptick in its open interest contracts to $399.2 million in the last 24 hours.
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Cardano Price Prediction
Cardano price has pivoted at $0.700 and resistance at that level favours the sellers to stay in control. The coin will likely find primary support at $0.681. However, an extended control by the sellers will break below that level and potentially push the action lower to test $0.660.
Conversely, action above $0.700 will shift the momentum to the upside. That will likely see the first resistance encountered at $0.713. The downside narrative will be invalid if the price breaks above that level. That could also clear the path for further gains to test $0.735.
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