Cardano Sheds 23% In Value As ADA Woes Pile Up – Here’s Why
2023年3月10日 - 01:05PM
NEWSBTC
Cardano has found itself on rough terrain anew in the past few
weeks, and barely able to hit its target, thus giving proponents
and investors in the crypto some headaches. As a result of recent
profit taking by intermediate-term investors, its value has fallen
by 22% in the past 21 days. As a result, it has been one of the
market’s worst-performing assets. There has been an 12% drop in
price over the past week, with current trading at $0.3075. Related
Reading: Shiba Inu Is The Crypto Of Choice By Top 100 Ethereum
Whales – Here’s Why Will Cardano (ADA) Retreat Further? Indications
coming from the broader cryptoverse suggest that ADA price may
retreat even farther in the near future. Bears have so far
succeeded in using their long claws and dominate the market as of
late, and a 7.5% decline can happen within the next two weeks.
ADA’s decline in price has resulted in a drop in its market
valuation which, based on latest data by Coingecko, sits around
$11.2 billion. In the monthly timeframe, ADA lost 23% of its value,
which is nearly 4% more than its bi-weekly figure. Cardano’s price
drop can be linked to the ongoing selling pressure from the
intermediate-term investors who have found it quite a challenge to
bet into the asset’s recent upward motion. Profitability has
dropped by about 10% as a result of the lack of speculative value.
Some experts are still very upbeat about Cardano’s prospects,
despite its recent setbacks. Despite being out of step with current
market trends, its fundamentals are solid. ADA: See-Sawing Between
Support & Resistance Charles Hoskinson designed the native
token for Cardano, and since August 2021, when it peaked at $3.160,
it has been steadily declining in value. It hit a record low of
$0.239 in December of 2022. The price of Cardano has been
see-sawing between support and resistance at $0.4005 since the
start of the year. And, as it stands, the future price path for the
crypto asset may all depend on whether ADA can really pull off a
major rally or falter. For its part, Bitcoin floundered near the
$21,000 support zone. Bitcoin’s retest of this region of support
should have elicited a more robust positive reaction than what was
shown in the preceding hours. This may be an early indication that
a wave of selling could once again spread across the cryptocurrency
market. Cardano, just like the rest of the major cryptos, has a
strong correlation with the price movement of Bitcoin. ADA
currently has a market cap of $10.7 billion on the daily chart |
Chart: TradingView.com Related Reading: Stacks (STX) Crumbles 36%
After Weeks Of Rally Strong Foundations Despite Challenges As some
market observers are pessimistic about Cardano’s future, it still
has solid foundations. The future movement may be heavily
influenced by whether or not it is able to retake the $0.400
long-term resistance area. Meanwhile, a recent internet dispute
that has erupted between Cardano developer Charles Hoskinson and a
Reddit user with the handle Demesisx may have been one of the
triggers for the collapse in price of ADA. In an open letter, the
Reddit user accused Hoskinson of having close ties to alt-right
figures such as billionaire Elon Musk and Jordan Peterson.
Hoskinson pushed back, escalating the debate into a huge dispute
that may negatively effect the token’s value. -Featured image from
God TV
Cardano (COIN:ADAUSD)
過去 株価チャート
から 2 2024 まで 3 2024
Cardano (COIN:ADAUSD)
過去 株価チャート
から 3 2023 まで 3 2024