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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Cardano (ADA) Sheds 15% Of Value In Last 7 Days – When Will The Pain Stop?

Christian Encila
Christian Encila
2 years ago
2 mins read
Cardano

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Cryptocurrency investors have been keeping a close eye on Cardano lately. One Reddit user noted that the current rate of price change is the slowest since January of 2021.

Coingecko reports that the value of Cardano has dropped by 15% over the past two weeks and 24% over the past month.

In spite of the introduction of the Vasil update, ADA was unable to gain traction and stage a comeback. Currently, ADA is trading at a positive $0.3673. However, it’s possible that this is a single green blip amidst a sea of red.

Investors in Cardano tokens are in a difficult position as the network continues to shed value: should they hold on to their holdings or sell some to stem the bleeding?

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Crossroads: Keep Or Unload

At the time of writing, token indications are very pessimistic. Based on the bull-bear power indicator, it appears that the market is now trending downwards.

However, the lows of Chaikin’s money flow index are in line with the lows of March, putting it close to the bull and bear barrier.

Chart: TradingView

The Stoch RSI is likewise in oversold zone, indicating that the majority of investors are riding the sell-off wave on the bears’ side.

This gloomy market sentiment will undoubtedly hinder Cardano’s chances of recovery. Current macroeconomic factors drag the cryptocurrency along with the rest of the financial sector.

Bears are also challenging the lower Bollinger band, which exerts significant downward pressure on the coin.

Sell Everything Now?

Currently, the coin is trading between $0.3500 and $0.5946, and similar to the indicators, the broader outlook for Cardano is not favorable.

As ADA attempted to recover from one of the most violent downtrends in Cardano’s history, a far stronger and more pronounced slump developed even before the current sell-off.

From the already available market data, we may conclude that the Vasil update failed to address investor confidence.

The 20-day and 10-day exponential moving averages serve as dynamic resistance levels for the cryptocurrency.

The current support is located around the 61.80 Fibonacci retracement level, which is about $0.3535. The latest charts, however, indicate that the token may return to around the 78.60 Fib level, which is currently located around $0.3771.

In the following days or weeks, the Cardano token is likely to fall more as Cardano struggles to maintain stability.

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ADA total market cap at $12.6 billion on the daily chart | Featured image from Monex Securities, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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