Cardano Price Primed for 50% Dump! Here’s Why ADA Price Might Drop Below $0.5 Level!
The post Cardano Price Primed for 50% Dump! Here’s Why ADA Price Might Drop Below $0.5 Level! appeared on BitcoinEthereumNews.com. In the last 24 hours, the cryptocurrency market has failed to offer any substantial swings, with the bulk of...
In the last 24 hours, the cryptocurrency market has failed to offer any substantial swings, with the bulk of coins trading flat with no actual differences. Bitcoin is up by 1.9%, trading at $38,927.95. ETH too has seen no major movement as it hovers around $2550. All other tokens on the chart follow the same cue.
For a long time, ADA price has been moving between a range of $0.7994 and $0.8128. At the time of writing, the altcoin is trading at $0.7951 with a nearly 2% loss. Currently, bears are ruling the support level lies at $0.75. In Case, ADA Breaks below this level traders can expect Cardano price to drop below $0.5.
On the upside, The resistance is seen at $0.821 which needs to be broken for the bulls to take control of the market.
Also Read : BTC Price To $100,000k This September! Bitcoin To Hit Its 9-year Support For A Massive 200% Surge!SHIB Price Might Kill Another
Despite the fact that Cardano (ADA) is losing value, the frequency and volume of important ADA transactions have increased significantly. According to popular crypto trading expert Ali Martinez, roughly 135,000 addresses had already purchased nearly 5 billion ADA at a cost of $0.80 as of March 13.
Martinez believes that if Cardano is to have a chance of rebounding to the $1 mark, it must retake this supply barrier at $0.80 as support as soon as feasible. Investors would sell ADA if there was no such action, according to the analyst, driving the price below $0.50.
Martinez further points out that Cardano has been stuck in a sinking parallel channel since early September 2021, as Finbold previously stated, and that the digital asset is currently creating its seventh straight monthly red candle.
While the price of Cardano is falling, the number and volume of big ADA transactions have increased significantly. On March 9, about $43 billion in ADA was exchanged in a single day, revealing how whales and institutions may be investing and positioning themselves.
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Source: https://coinpedia.org/altcoin/why-ada-price-might-drop-below-0-5-level/
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