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- Jim Cramer has recently said in a CNBC program that he expects altcoins like Cardano to collapse to zero.
- Technical indicators of ADA are not favoring an upside. Meanwhile, ADA/BTC pair has seen a drop of 1.172%
Cardano has recently observed a surge in network activity after the announcement of launching stable coin Djed in 2023.Meanwhile Cardano currently one of the biggest staking ratio of 71%. While the development activity and staking has seen a surge everything is not well for Cardano ecosystem. The native token of Cardano is on a continuous decline with a strong bearish trend. Many analysts have feared that the ADA prie may see a further collapse in price. Recently in an interview Jim cramer has said that he expects crypto currency like Dogecoin, ADA and XRP to collapse to zero. This might not have favored the ADA investors waiting for a bull run.
Cardano is currently ranked 9th in the CMC and has a market dominance of over 1.28%. The volume of ADA has seen a slight decline in the past 24 hours. Volume to market cap ratio of Cardano suggests a downside trend in price.
Technical Indicators Are Not Favoring The Bulls
The weekly technical chart of the asset price suggests a downside trend in price. On coming to the daily chart the asset price has seen a decline of over 3% and is currently trading near the value of $0.31. Resistance of the ADA price can be seen near $0.55. Meanwhile the support of the asset price can be seen near $0.15. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price down to a new low.
Conclusion
Cardano protocol has seen a strong growth in development activity and staking. Meanwhile, ADA has observed a decline in the market cap for a quite some times. ADA can see a strong growth in the future.
Technical Levels
Major Support:$0.15
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
