Home
News
- Cardano price (ADA) recorded its latest 52-week low at $0.2550 last night.
- Market capitalization fell 12.5% in the last 24 hours, slipping below $10 billion.
- Trading volume surged 145% overnight, indicating aggressive selling.
Unfortunately, Cardano price registered another yearly low on 16th December at $0.225. Suddenly bitcoin started trading lower which caught the crypto market in the red. Hence the second largest crypto – Ethereum dropped to $1.16K and Cardano investors lost crucial support amid this sharp selloff.
Sellers swung into aggressive action last night, so buyers lost 12.35% cost in a single day. This was the biggest fall in the last 30 days. Now the buyers have to struggle a lot for recovery. Bears are not going to stop here as per the current market conditions, the market can go down anytime.
At the time of writing, Cardano price (ADA) trades at $0.2613 against USDT pair. Bears are set to end this week with 15.2% decrease, and this figure could increase ahead too. Amid this, Market capitalization fell 12.5% in the last 24 hours, slips below $10 Billion. Thus it reported at $9.01 Billion today. This $1 Billion loss kicked-out many retail investors from the ADA market.
There is no positive sentiment from the technical side, in fact any major drop in BTC could pull Cardano price down because volatility is increasing during selling. In addition, Trading volume spiked 145% overnight, showing aggressive selling.
The Average Directional Index (ADX) turned higher after yesterday’s decline, showing strength in bearish momentum. While the RSI indicator with reference to the daily price chart remains in the highly oversold zone.
However, the MACD is looking slightly positive as both the moving lines remain close to the neutral zone. Therefore, buyers may attempt to keep Cardano price above the weekly low.
Conclusion
The price of Cardano (ADA) declined widely over the past few weeks. As of now, uncertainty is emerging in the crypto market so buyers are scared to invest in the market. The modest price in the market could drag the Cardano price towards the $0.25 level.
Support level – $0.25 and $0.20
Resistance level – $0.30 and $0.44
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
