After 9% losses in a week, Cardano stares at a bottomless pit

2022-10-20 21:52

Nearly a month after the Cardano hard fork, the native cryptocurrency (ADA) remains underwater. Largely, the bearish price action is due to a weak market sentiment. However, data by CoinMarketCap shows ADA making bigger slumps compared to its closest rivals.

As of press time, ADA price was trading at $0.357, shedding 8.65% in the past week. The decline is the largest among the cryptocurrencies in the top ten bracket by market cap. Amid the bear momentum, Cardano is witnessing increased activity.

Data shows Cardano network transactions rose 75% month-over-month to 97,959 on October 19. The NFT volume on the network reached 3.0 million on October 17. On October 15, Coin98 Analytics ranked Cardano second in terms of active developer counts. The developments are positive and indicate that Cardano could continue to grow.

Amid the developments on Cardano, whales are showing limited interest in taking the price higher. The price action shows no end in sight for ADA after the token lost an important $0.42 support.

ADA’s bear momentum accelerates after losing the $4.2 support

Source – TradingView

ADA’s price action on the weekly chart shows the token crashing below $4.2. The decline suggests a bottomless next price for ADA with no support in the vicinity. An RSI reading of 32 highlights that bears has been aggressively selling the token after it lost the support. The token is near oversold, but this doesn’t signal an imminent bullish reversal. 

Is ADA a buy now?

There is no clear buy zone for ADA below $4.2. Conversely, we cannot confidently tell the next likely support for the cryptocurrency. As long as ADA trades below $4.2, we discourage buying the token. 

Instead, traders should wait until ADA recaptures $4.2 to buy it. The sentiment should also work in favour of the cryptocurrency.

Where to buy ADA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ADA with eToro today Disclaimer

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy ADA with Coinbase today Disclaimer

The post After 9% losses in a week, Cardano stares at a bottomless pit appeared first on CoinJournal.

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ada cardano however data sentiment weak due

Источник: coinjournal.net

ada cardano → Результатов: 126


Фото:

Cardano (ADA) Drops 26.96%, Investors Shift Portion Of Their Portfolio to New A.i Driven Token O2T Before BTC Halving

In a significant market movement, Cardano (ADA) has seen a sharp decline of 26. 96%, prompting investors to reassess their portfolios. As the crypto community braces for the upcoming Bitcoin halving, many are turning to emerging technologies, such as the AI-driven token from Option2Trade (O2T), which offers a promising alternative to traditional investments like Cardano (ADA).

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Cardano (ADA) оказался на самом низком уровне с 26 февраля. За неделю его стоимость упала более чем на 10%. В ночь на четверг, 4 апреля, курс ADA опустился до $0,579. В марте альткоин торговался на максимальном уровне с 5 мая 2022 года.

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Cardano Mirrors Previous Bull Cycle: Analyst Eyes $10 for ADA If This Happens

Cardano (ADA), the popular smart contract platform, is showing signs of a potential bullish continuation as its price action appears to be mirroring patterns observed in its previous bull cycle. As ADA consolidates above key support levels, traders and analysts are growing increasingly optimistic about the token’s prospects, with some even suggesting a potential parabolic […] The post Cardano Mirrors Previous Bull Cycle: Analyst Eyes $10 for ADA If This Happens appeared first on CaptainAltcoin.

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Артур Хэйес назвал токен ADA «собачьим дерьмом»

Экс-CEO BitMEX Артур Хэйес назвал нативный токен блокчейна Cardano (ADA) «собачьим дерьмом» из-за низкого использования в протоколах. For all you $ADA believers, what dAPP on this list originally launched on Cardano, or has a Cardano offering that is heavily used? From my very limited knowledge, looks like none of them do. That's why $ADA is […]

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