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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Cardano Drops To Lowest Level In Last 7 Days – ADA Bracing For Further Decline?

Christian Encila
Christian Encila
3 years ago
3 mins read
Cardano

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Cardano, the 8th largest cryptocurrency in terms of market capitalization, traded for $0.38 at one point today to drop to the lowest it’s been for the past 21 months.

  • ADA just recorded its 2022 all-time low of $0.36
  • Cardano may be on another bearish run all the way to the forecasted $0.25 mark
  • IOG leans on strong fundamentals to have a bullish rally.

The downward slide continues for ADA, as its price declined further. As of this writing, data from Coingecko shows the asset is trading at $0.36.

It is now down by 6.9% for the past 24 hours and has lost 14.8% of its value for the last week. This development, however, is no longer news.

Veteran market analyst Peter Brandt tweeted last week that ADA, following sell off since the completion of the Vasil hardfork on the Cardano blockchain in September, will be on a decline all the way to $0.25.

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Cardano Hits A 2022 All-Time Low

The situation was already bleak for Cardano when it plunged all the way to $0.38 earlier today. But that was shattered when ADA fell to its new 2022 all-time low of $0.36.

It was unfortunate that the altcoin fell below its short-term wedge pattern, pushing itself to a bearish run. Had it moved up in its pattern, the digital asset might have made a recovery from the slaughter of the crypto winter.

Cardano was able to move below its Relative Strength Index (RSI) oversold zone but that action was only brief and bears encountered resistance as traders appeared to have bought the dip.

There’s more bad news for ADA, as demand is not yet back to a sustainable level, primarily because there are expectations of more downward movement due to the current harsh market conditions.

How Bumpy Will The Road Get For ADA?

The cryptocurrency might be down right now and is among the few ones who have managed to attain a record 2022 all-time low, but that doesn’t mean the end for the ADA.

Cardano is leaning on its strong fundamentals to mount a comeback and be on the running for a bullish trading momentum.

According to the weekly development report released by Input Output Global (IOG), 1,117 projects are currently building on the Cardano Blockchain.

Moreover, there is an observed remarkable increase in new users of decentralized apps (dApps) that are built on the network of the “Ethereum killer.”

In terms of users and value, IOG said the non-fungible token of Cardano is also gaining more traction. In April this year, the network’s NFT trading volume was around $27 million.

During a July interview, Input Output Global CEO Charles Hoskinson said:

“One surprising area of growth on Cardano is in the NFT space. About 40% of all the applications that are being deployed are NFT-related… About $270 million a month in NFT volume. So, $3 billion a year.” 

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Crypto total market cap at $852 billion on the daily chart | Featured image from Latest Finance News, 
Source: 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
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