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- Charles Hoskinson has said that the need for decentralization is much needed amid FTX collapse.
- Technical indicators of Cardano are not favoring the bills. Meanwhile, ADA/BTC pair has seen a loss of 0.05% in the intraday session
Charles Hoskinson in an interview said that the crypto offerings has never been stronger in terms of offerings. He also said that the crypto industry needs decentralization and proof of reserves amid FTX collapse. Meanwhile crypto analyst and influencer Benjamin Cowen said that the price of Cardano price can drop to more than 60% before bottoming out.As per Cowen ADA is one bear market away from the Ethereum. As per crypto globe the number of smart contracts deployed on the Cardano has seen an increase of over 300% in the year to year.
Cardano is currently ranked 9th in the CMC and has a market dominance of 1.27%. The current market cap of the ADA is $10 Billion and has a circulating supply of 34.45B. Volume of the asset price has seen a decline of 22% in the intraday session. Volume to market cap ratio of the asset price suggests a downside trend in price.
Technical Indicators Are In Favor Of Bears
The weekly technical chart of the ADA suggests a weak downside trend in price. On coming to the daily chart the asset price is trading near the value of $0.31 with a loss of 1.2%. The upside momentum of ADA can see a halt near $0.55. Meanwhile the downside trend can see a halt near $0.15. The asset price is currently trading below the 50 and 100 DMA . It can see a negative crossover which can push the price down to a new low.
Conclusion
Benjamin Cowen has recently said that the Cardano price may see a strong downtrend and can see a new low. ADA price can see a downside trend and can move to a new low in future.
Technical Levels
Major Support:$0.25
Major Resistance: $0.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
