As a seasoned crypto investor with battle scars from numerous bull and bear markets, I have learned to stay calm amidst the storm and focus on the long-term potential of promising projects like Cardano (ADA). The recent dip below $1 is not unfamiliar territory for me, having weathered similar storms before.
In simpler terms, the value of Cardano (ADA), one of the top 10 largest digital currencies, has fallen below $1 due to a widespread market downturn. This downswing led to approximately $788 million worth of positions being closed across different cryptocurrencies over the past day. Nevertheless, evidence from blockchain activity indicates that large investors might be taking advantage of this drop by buying more ADA.
Based on data from analytics firm IntoTheBlock, there’s been a small increase in significant transactions on the Cardano network over the past day, which could suggest increased activity by large investors (whales). This stands out when compared to the drop in similar transaction volumes for cryptocurrencies such as Bitcoin, Ethereum, and others during the current market downturn.
As reported by IntoTheBlock, there was a significant surge in transactions for Cardano, amounting to approximately $14.22 billion or 14.04 billion ADA tokens. This represents a 2.8% rise compared to the past 24 hours.
On Thursday, Cardano dropped to a low of $0.917, continuing a four-day downward trend that gained pace during yesterday’s trading session. The Federal Reserve reduced its main interest rate by a quarter percentage point on Wednesday for the third consecutive time, but cautioned against further cuts in the near future.
For ADA investors, the current price fluctuations may feel disheartening, but a rise in large-scale investor activity provides some optimism. If this accumulation pattern persists, it could signal a potential price recovery once market circumstances become more favorable.
Cardano price action
On December 16th, there was a spike in selling at Cardano’s peak of $1.12. At present, the value of ADA has decreased by 7.22% over the past 24 hours to $0.939. Over the last week, it has dropped by 17.19%. If today ends with a decrease in value, it will mark Cardano’s fourth consecutive day of losses.
The RSI value for today’s trading is nearly at the middle, suggesting that the Cardano price could be moving within a specific range for now. Bears might try to lower ADA’s price towards the daily Simple Moving Average 50 ($0.845), which is likely to act as strong support.
After pushing and maintaining the price of ADA above $1.20, the bulls could regain control, potentially driving the price up to around $1.24 and then towards $1.33. However, at $1.33, the bears are likely to put up a strong resistance.
Currently, whether Cardano’s value will surpass $1 again could be influenced significantly by investor attitudes and the general rebound of the cryptocurrency market.
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2024-12-19 20:08