Cardano: These Factors Have A Negative Impact On ADA Price
October 04 2022 - 6:42AM
NEWSBTC
Cardano is said to be designed in such a way that it performs
better than Ethereum when it comes to running smart contracts.
Cardano has now lost 86.2% of its $3.09 all-time high ADA still
remains as the 8th largest crypto by market capitalization $1
trading price remains a big challenge for Cardano After all,
Charles Hoskinson, the founder of the ADA network, was one of the
developers of the network of what is widely recognized as the “king
of all altcoins.” Hoskinson made sure the work he has done with
Cardano was better, enhancing its smart contract performance. But
even that improvement seems to fall short in helping the digital
currency grow, as its price continues to hover around low levels. A
look at data from Coingecko reveals ADA changing hands at $0.42,
being down by 4.3% for the past week. Despite that, it still
belongs to the top 10 cryptocurrencies in terms of market
capitalization, ranking 8th with its value of over $14.4 billion.
Related Reading: Chainlink Crosses $6.18 Trillion In Transaction
Value – Will This Boost LINK Price? Cardano In Recurring Price
Pattern The ADA/USDT technical chart provides better insight about
the price movement of Cardano, which appears to be in a recurring
pattern. Source: TradingView There is a descending triangle pattern
in the daily time frame for the asset in which its price has
resonating response for the past four months. The $0.417 support
level, which was already tested three times, appears to be crucial
point for ADA for its failure will mean a steep fall for the
asset’s trading price. Within the observed triangle, there is an
additional pattern to which Cardano price responds to – a
descending wedge pattern. This seems to be the reason why the
crypto is currently at the $0.42 mark. This wedge pattern could
encourage a mini-bullish momentum for ADA as it might trigger a 9%
increase in value for the altcoin. Looking Ahead At Cardano Price A
break below the extended support level of $0.418 is likely to
create a downward pressure for Cardano, putting it to a
significantly lower support of $0.3675. However, in the event that
the opposite happens, ADA might climb to a trading price of $0.4850
and if its demand increases, this level will be surpassed and the
asset’s price will shoot all the way up to $0.5835. At this point
in time, the biggest challenge for Cardano is to hit the $1 mark,
which is actually lower than its recorded all-time high of $3.09
which was attained on September 2 last year. Related Reading:
Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks –
Here’s Why ADA total market cap at $14.8 billion on the daily chart
| Source: TradingView.com Featured image from Zipmex, Chart:
TradingView.com
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024