- (ADA) has folded a bit to the bearish pressure that has hit the crypto market.
- According to CoinMarketCap, the price of ADA now sits at around $0.4631.
- The fall in prices across the board today may have something to do with a potential war between China and Taiwan.
Cardano (ADA) has folded a bit to the bearish pressure that has hit the crypto market over the last few days as the coin’s price is down in both the last day and week.
According to CoinMarketCap, the price of ADA now sits at around $0.4631. This is a 24-hour drop of 9.04% and a weekly price drop of 25.54% — taking the market cap of the coin down to $15.32 billion.
As a result of the decreased market cap, ADA has fallen two positions on CoinMarketCap’s list of biggest crypto projects by market cap. This ranks it below (XRP) at 7th on the list, with its market cap of $15.53 billion, and above (SOL) at 9th, with its market cap of $9.53 billion.
ADA establishes range (Source:CoinMarketCap)
The daily chart for ADA/USDT shows that the last 4 candles have been in the red, with today’s candle looking like it is following suit. During this time period, the price of ADA has dropped from the upper bound of the current channel at around $0.6323 to its current level at $0.4623. Its price has also dropped below the 20-day moving average (MA) line.
The recent downward price movement has taken the price down to the lower bound of the channel set up on the daily chart which has been tested twice but was followed by a rebound to the upper range of the channel.
The fall in prices across the board today may have something to do with a potential war between China and Taiwan. People fear a repeat of the effects of the Russia-Ukraine conflict on the crypto market.