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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Market Nosedive Sends Cardano (ADA) Deeper Into Bear Territory

Best Owie
Best Owie
1 year ago
3 mins read
Cardano

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The crypto market has not been in the best of places recently and Cardano (ADA) has been feeling the heat especially hot lately. The digital asset which remains one of the popular and largest by market cap has had a hard run of it lately, pushing it further into the bear territory. As ADA continues on this trend of low momentum, hot on the heels of the market decline, indicators have proven to not be in the favor of the token’s value.

Market Declines By $80 Billion

During the weekend, the market had suffered consistent dips. Following the price of the leading cryptocurrency Bitcoin, most altcoins had taken a nosedive during this time. One of those was Cardano which had already been trading below $1 going into the weekend. The dip had pushed it further into the bear territory alongside others. By the time the weekend had come to an end, the crypto market had lost north of $80 billion from its market cap at the time of this writing.

Related Reading | Can Dogecoin Slide Further? Key Technical Levels To Keep An Eye On

This decline had been one that has been in the making. With the low momentum that had rocked crypto last week, prospects for the weekend had been increasingly bearish. This had come to a head as bitcoin had declined below $40,000, now trading at the $38,000 territory at the time of this writing.

As different altcoins have taken a hit following this decline, ADA’s outlook at this point has turned for the worse. This is evidenced by the indicators given that the digital asset has declined below every important one, causing a bearish short and long term.

Cardano (ADA) Not Looking Good

Going into the new week, Cardano looks to have it worse than other digital assets in the market. It is currently trading at one-month lows after a decline to the $0.83 level. A strong contender in the DeFi space, this has not seemed to have translated to the price of the digital asset yet.

The cryptocurrency is currently trading below the 50-day moving average at the time of this writing. The average which currently sits at $0.966 is a strong one that helps determine the short-term outlook for a digital asset and for ADA, this indicator points to a very bearish short term for it.

Cardano (ADA) price chart from TradingView.com

ADA trading at $0.856 | Source: ADAUSD on TradingView.com

This means that the current decline could not be the end for Cardano. If it is unable to recover and climb back above the $0.86 support level, then the digital asset’s price could revisit $0.7 sooner than investors expect.

Related Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

It is also a seller’s market meaning that all of the indicators point toward 100% sell pressure for the digital asset, especially for the long term. The next significant resistance point lies at $0.92 but with the price falling below major support levels, this area is out of reach for now.

ADA is trading at $0.839 at the time of this writing. Despite the decline, it remains the 9th largest cryptocurrency with a market cap of $28.36 billion.

Featured image from Investing.com, 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.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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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

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