Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable

Christian Encila

3 years ago

3 mins read

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Cardano (ADA) price looks bullish as it does a U-turn on Monday following negative economic spikes from China getting crypto traders all worried.

In addition, many major corporations are exiting Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptocurrencies to elevate in price than usual.

This could also mean bad news for ADA; risking a 32% correction. The negative sentiment has been growing enormously which also signal a downward trend in the next quarters.

As of this writing, the crypto is trading at $0.560514 on Coingecko, Wednesday, down 10% in the last seven days.

Suggested Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

ADA Heading For A Nosedive Below $0.40

Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon.

ADA price is heading for a nosedive right below the $0.47 price point or at the low end of the distribution zone which could even reach $0.38.

On the brighter side, with the developments happening in the global economics and to the Cardano community, the first trading day of the week has shown promise of recovery. In fact, ADA price could possibly go towards $0.687 and move up to $0.915.

ADA total market cap at $18.09 billion on the daily chart | Source: TradingView.com

Even though Cardano suffered a massive drop during the past week, it managed to recover and reach $0.613 on May 16. Meanwhile, Cardano is currently shaking it off after its gains of 4%.

It went through a three-day bounce right there as shown over the weekend. The whale activity was seen for Cardano which signaled a deviation in price direction.

Cardano TVL is at around $174.74 million. Now, it may seem like the increase is totally insignificant but it’s a winning jump since it has been steadily declining from its peak TVL of $434.74 million in the first quarter or March 28.

The difference between cardano and the other alts. They pay to do stuff like this. The Cardano Community just does it themselves out of love for the ecosystem and philosophy. We got marketing. It's three million strong and growing. https://t.co/cRdnmGZPZz

— Charles Hoskinson (@IOHK_Charles) May 16, 2022

Cardano Flag On Mount Everest Summit

Charles Hoskinson, Cardano Founder, is loud and proud to have reached the Mount Everest summit. He was ecstatic about the raving support of the community. His remark saying “we got marketing,” definitely speaks volumes of his optimism despite the downward trend that ADA has displayed the previous days.

The Cardano CEO is proud to have a strong and dedicated community comprised of 3 million members and still growing. The native tokens of Cardano also went up to 4.7 million.

Moreover, Cardano has also managed to get $20 million more in funding since Mary 13. Its TVL has jumped from 18 million a few days ago to $137 million on May 16 – that is a 6% change of TVL in a matter of 24 hours.

Featured image from Coinbase, 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.

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.