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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 (ADA) Falls Below Critical Point, Why There Is More Pain To Come

Best Owie
Best Owie
1 year ago
3 mins read
Cardano (ADA)

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Cardano (ADA) remains one of the hardest-hit cryptocurrencies even before the bear market was officially in full bloom. The digital asset which had seen returns higher than 1,000% during the 2021 bull run would eventually see almost the entirety of those gains wiped out. Despite this, it had been able to maintain above a critical point for a long time. However, the cryptocurrency has now lost its footing, leading to an incredibly bearish outlook for the asset.

ADA Price Falls Below $0.3

For a digital asset such as ADA, maintaining above $0.3 was important for it at a time when assets in the space needed to hold on to their critical support levels. Most of Cardano’s investors had thrown their hat in the ring to hold the bears off at $0.3, something they succeeded at until the FTX collapse happened.

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Since the contagion had continued to spread across the space, ADA was, as expected, caught in the crossfire. Last week, it had eventually given way to the bears which had then dragged it down below $.30 for the second time in two months.

However, this time around, there was no recovery to save the digital asset and it would continue to spiral down. It has now lost more than 14% of its value in the space of a week and is down by almost $0.050 in the same time frame. 

Cardano (ADA) price chart from TradingView.com

ADA drops to $0.25 | Source: ADAUSD on TradingView.com

Will Cardano Survive?

Although Cardano’s current price path follows the general market price action, it is still far below most of the market in this regard. It is trading well below its 100-day moving average of $0.4 which puts it on a more bearish path compared to the rest of the market. Add in the constant negativity spewed at the digital asset on social media and it is a recipe for disaster.

Cardano (ADA) falls below 100-day moving average

ADA falls below 100-day MA | Source: Barchart

It is also possible that the market bottom has not been established yet. If this is to be believed and bitcoin were to drop to $12,000, or as low as $10,000 as predicted by some in the space, then it could mean that ADA holders will record more decline in the value of their holdings. If the market were to decline another 30%, then ADA price could drop as low as $0.10 before the next bull rally begins.

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Nevertheless, the Cardano community holds on to its bullish forecast for the cryptocurrency. According to Price Estimates on Coinmarketcap, there is an expected 84% growth for ADA by the end of 2022 and the projections get higher over a longer timeframe into January 2023. If the estimates come to pass, then ADA could be seeing prices of $0.5 in January.

ADA is changing hands at a price of $0.25 at the time of this writing. It is currently down more than 91% from its September 2021 all-time high of $3.10.

Featured image from The Coin Republic, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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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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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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