Cardano Witnesses Correction After Failing to Break Above $0.41 - TheNewsCrypto

• If the price manages to go past $0.38 then it will likely retest $0.41 level. 
• At the time of writing, ADA is trading at $0.368, down 1.52% in the last 24 hours.

Cardano’s (ADA) recent drop in value reflects the overall crypto market’s decline and puts investors’ fortitude to the test.  Profit-taking by investors reassessing their holdings in light of the market’s downturn is likely contributing to the current selling pressure.

The Cardano Ballot, announced by Cardano co-founder Charles Hoskinson, will be utilized for voting on the Cardano Improvement Proposal CIP-1694. Hoskinson said that the voting process will begin with a snapshot on November 21 and end on December 16.

Users who want to take part in the vote must stake Cardano (ADA) by November 20. Staking users and other non-hardware wallets will be able to make remarks via a feedback form, while those with hardware wallets may vote at a later date. Results from the poll will be released on December 16. The responses from the poll will be used to define development and governance goals in 2024.

Brief Correction Underway

At the time of writing, ADA is trading at $0.368, down 1.52% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 28.53%. Despite the recent slump, ADA is still up by a whopping 48.87% in the last 30 days.

After finding support at $0.35, the price rallied all the way till $0.41 on November 16 but was unable to break above and started a downward move. If the price manages to go past $0.38 then it will likely retest $0.41 level. Contrarily, if the price manages to go below the $0.35 support level, then it will likely test the $0.34 mark.