The Cardano (ADA) network, a prominent smart contract ecosystem, is currently facing a critical support level that could potentially lead to increased capitulation. Despite a reduced decline rate this year, there are lingering risks of further capitulation at the current trading levels of approximately 29 cents. Additionally, Bitcoin’s dominance has been on the rise, indicating a flow of funds toward the leading digital asset.
ADA Price Analysis
Well-known crypto analyst CryptoCapo has expressed concerns about the price action of Cardano (ADA), suggesting that the cryptocurrency is on the verge of a major capitulation. The analyst has set a target range of 10 to 12 cents for ADA’s price, anticipating a final drop of 60 to 65 percent to establish a bottom after the completion of the current bearish flag.
On the other hand, CryptoCapo also highlights potential resistance levels for Cardano (ADA) at around 40 cents and $1 in a more optimistic scenario. However, the analyst has maintained a generally bearish outlook on the entire crypto market, even amidst the relief rally experienced during the bear market.
SEC Allegations and IOHK’s Response
The United States Securities and Exchange Commission (SEC) has included the Cardano (ADA) network among those named in connection with unregistered offerings. The SEC claims that Cardano and other networks have raised funds through unregistered token sales. However, IOHK Founder Charles Hoskinson has strongly denied these allegations, emphasizing the highly decentralized nature of the Cardano network.
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