Cardano (ADA), the Ethereum co-founder’s crypto fetish is in bad shape. The latter was born from a disagreement between the two main motivations that did not see the usefulness of the blockchain in the same way. If Cardano is now recognized for its PoS technology, the details of its future price are very bad.
However, ADA had broken all records during the 2021 bull market. It could be argued that the reasons for the fall of the crypto flagship are multifactorial. Whether it’s a simple correction, a lack of performance, or an unfavorable economic situation, comments are doing well. Looking at the numbers, there seems to be nothing to inspire hope. We are looking at this topic in our article of the day!
Have the bears won the battle over Cardano?
In the last few days, the ADA sign has suffered a a spectacular drop in value after passing the $0.5000 mark. Worryingly, the $0.450 and $0.420 values had placed resistance levels. Those resistance levels designate massive buy orders from investors who can therefore prevent an asset’s descent into the market if they are higher than the sell orders. Unfortunately, this was not enough to prevent Cardano’s descent into hell.
Is there hope for Cardano?
The floor price of the token was reached in the last 7 days on October 13, 2022 with a value of around $0.3500. Since then, ADA has recovered slightly from the bull’s eye reaching a price of $0.3979 before falling back into a range that hovers around $0.3700. If the crypto seems to have stabilized, there is little hope that it will rise above $0.3880 again. The bears, that is investors who want to see the value of ADA fall, have placed sell orders en masse at $0.3880. It will then take a lot of buying volume to hopefully break the bear resistance.
But the $0.3880 threshold is not the only obstacle. In the hope of a real consolidation, it will also be necessary to face the resistances located at the prices of $0.408 and $0.420. If they are crossed, we could reasonably expect to get back around the initial $0.5, but this scenario is still very hypothetical. However, this sudden drop occurs in a favorable context for the crypto market. Bitcoin has gained more than 2% in value in the last 24 hours and Ethereum, 3.42%! If you want to take advantage of this rise and invest in crypto, register on a well-known exchange platform like eToro.
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ADA is moving towards a disaster situation
If the sign has stabilized for some time, the risk is there. A new break in the price of the token could take it to the abyss. Even if resistance is present at lower prices like $0.350, it is still too risky. When this bar is crossed, a drop to a value of $0.300 can easily be imagined or even below. In short, the tokens we hold indicate bad news for the Cardano crypto. To help you visualize these resistances, here is a chart from TradingView that shows this phenomenon in detail.
Is it time to take advantage of Cardano’s fall and invest?
In other circumstances, this bear run could be seen as a golden opportunity. However, the recent rally in the crypto market is not enough to restore ADA’s image, or at least not for a while now. The worst phase of the crypto market is expected between now and December 2022, so nothing is decided yet. It is very likely that Cardano will continue to fall a little more in the coming days. If the deal closes now, it will be good news for ADA. But it’s still too early to tell, and right now, ADA is set to fall even more.
However, the “sentiment” around the crypto is very positive. According to the “price estimate” section on CoinMarketCap about Cardano, investors are expecting a price rally by the end of the month. The average price estimate of 11,000 people showed that they see the crypto 45% more expensive than it is now. This equates to almost $0.5750. This is encouraging for Charles Hoskinson’s beloved gesture. In the meantime, you can learn more about Cardano’s price performance by visiting our real-time quotes page.