Could Cardano fall below $1.50 after sliding 10% in 24 hours?
Summary: Cardano price (ADA/USD) is down more than 10% over the last 24 hours.… The post Could Cardano fall below $1.50 after sliding 10% in 24 hours? appeared first on Coin Journal.
Summary:
-
Cardano price (ADA/USD) is down more than 10% over the last 24 hours.
-
However, the decline could be ending with trading volume only up 2.21%.
-
Cardano is a proof-of-stake blockchain platform advocating for a positive change in the world.
The Cardano price (ADA/USD) is down more than 10% on Friday amid increased fears from the new covid variant. ADA is the utility token of Cardano, a proof-of-stake blockchain platform that claims to empower “changemakers, innovators, and visionaries” so that they can bring positive change to the world.
The platform operates within an open-source ecosystem that seeks to redistribute power from unaccountable structures to the margins of individuals. As a result, ADA owners are able to participate in the operation of the network.
Is ADA poised for more declines?
From an investment perspective, Cardano seems to have plunged more than 50% after hitting a new all-time high in September. Therefore, it could be an opportunity to buy for those willing to overlook the short-term turbulence.
However, given the current downward pressure, it may not be the best time to add to your current ADA.
Source – TradingView
Technically, ADA seems to be trading within a descending channel formation in the intraday chart. As a result, it has plunged to the oversold conditions of the 14-day RSI, thus creating an opportunity for a rebound.
Therefore, investors could target potential technical rebounds at about $1.69, or higher at $1.89. On the other hand, if the crypto market continues to experience pressure amid the new covid variant, ADA could fall towards $1.41 or lower to $1.21.
Therefore, it may be best to monitor the general crypto market movement before betting on a rebound.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
