Cardano (ADA) Still In A Slump This Week – Can It Hit $1.45?

Christian Encila

1 year ago

2 mins read

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Cardano (ADA) is presently trading at USD1.077, according to market indicators Thursday, which shows the crypto may be nearing the conclusion of its slump.

The seventh-largest cryptocurrency by market cap is experiencing a bearish algorithm throughout February, leading up to its current market price.

As of Thursday’s trading, the psychological level of support at $1.00 continues to be crucial for ADA.

A daily near contact below this level would indicate the continuation of the recurrent downturn, with targets as low as $0.91 and $0.82 emerging from its systematic review.

Cardano (ADA): Shooting For $1.45

According to analysts, if the crypto can defy the trend and break over the $1.25 resistance level, it may climb to at least $1.45 before seeing a spike in bullish short interest.

ADA/USD trading indicators show a somewhat bearish curve, which underscores a lack of substantial positive market activity.

The so-called Daily Pivot Point intraday queries are at $1.10 and according to research, it will act as a support level and is highly likely to send prices down between $0.99 and $1.03.

ADA total market cap at $35.665 billion in the daily chart | Source: TradingView.com

Protests & Recent Price Slump

In an another development Monday, Canadian Prime Minister Justin Trudeau has put into effect the country’s first Emergencies Act.

The law allows the government to freeze bank accounts supporting the week-long protest against Canada’s vaccine mandate.

Dubbed “Freedom Convoy,” the movement is a series of continuous rallies and blockades in Canada opposing restrictions on vaccines.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is currently investigating the flow of crypto in the country.

The Canadian police have issued an order blacklisting several cryptocurrency wallets associated with the Freedom Convoy.

According to reports, the list has 34 bitcoin wallets with a combined value of nearly $1.4 million.

The ongoing protests are considered illegal under the Emergencies Act.

The wallets under the prime minister’s prerogative contained Cardano with estimated transactions between $0 to 1.1 million dollars in cryptoassets.

Reports also disclose that 29 Bitcoin wallets, two Ethereum wallets, two Litecoin and 2 Monero wallets comprise the blacklist.

ADA: Under Pressure

Cardano (ADA) is bearish in its stead, as a result of these developments,

Cardano has been under intense pressure since the beginning of the week, affecting both its assets and investors.

ADA/USD was trading in a descending pattern against both Bitcoin and USD, perhaps leading to another test of Cardano’s lows.

Analysts believe the crypto is retreating 2.5% from its previous price, and it has proven to be one of the most contentious cryptocurrencies in the market to date.

It has a large number of tenacious and patient supporters and investors who think it will break the $10 barrier in the next few years.

Featured image from Chillur, chart from TradingView.com

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.

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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