No coin was spared during the crypto-crash. In the last 24 hours, most cryptocurrencies have lost more than 3% of their value. Even stablecoins were seen struggling to keep their peg. Cardano was attempting to rebound after a severe drop, but the present market makes any rational appraisal of the fundamentals impossible. If the market continues to tumble, it may be preferable to sell Cardano and buy it again at a reduced price later. Is it time to buy Cardano for around $0.48? Is the Cardano crash over? Not really, here’s why.
Cardano is a Good Crypto Project…But!
Cardano is a blockchain network with smart contract capability and a proof-of-stake consensus method. As a result, the network may serve as the foundation for decentralized apps. The initiative is being spearheaded by the Cardano Foundation, a non-profit organization. Charles Hoskinson, a co-founder of Ethereum, initiated the initiative. The Cardano Foundation is taking a scientific approach to the Cardano blockchain’s development. Other blockchains’ previous flaws are evaluated and improved for your own blockchain. At Cardano, the emphasis is on long-term growth. ADA is Cardano’s network token.
However, due to the crypto market crash, most projects had their valuations reduced by more than half. This is not because the project is bad or performing badly, but because most investors are dumping their tokens on the market. When this happens, regardless of whether the project is doing well, the valuation will crash.
Cardano Price is slightly up – What happened?
In a previous article, we mentioned how the $0.45 price represents a strong support for Cardano. Today, we can clearly confirm this as ADA prices managed to rebound slightly higher when reaching this price area. In figure 1 below, we can see how prices rallied higher after reaching the $0.45 price mark.
Breaching this price area lower would be a big problem for Cardano, as prices are expected to continue lower and reach the psychological price of $0.30.
Will Cardano Price go up soon?
It is not likely that prices are going to build back better anytime soon. The crypto market is still crashing despite the brief stop. Prices are expected to crash lower once the $0.45 price is breached lower. However, if the crypto market as a whole manages to recover slightly, ADA prices should reach the top resistance price of $0.65.
It might seem primitive to say that ADA might go up or down. This is the obvious trajectory of ADA. On the other hand, it is always important for traders and even investors to know where to enter and where to exit the market.