Cardano (ADA) Still In A Slump This Week – Can It Hit $1.45?
February 17 2022 - 11:33AM
NEWSBTC
Cardano (ADA) is presently trading at USD1.077, according to market
indicators Thursday, which shows the crypto may be nearing the
conclusion of its slump. The seventh-largest cryptocurrency by
market cap is experiencing a bearish algorithm throughout February,
leading up to its current market price. As of Thursday’s trading,
the psychological level of support at $1.00 continues to be crucial
for ADA. A daily near contact below this level would indicate the
continuation of the recurrent downturn, with targets as low as
$0.91 and $0.82 emerging from its systematic review. Cardano (ADA):
Shooting For $1.45 According to analysts, if the crypto can defy
the trend and break over the $1.25 resistance level, it may climb
to at least $1.45 before seeing a spike in bullish short interest.
ADA/USD trading indicators show a somewhat bearish curve, which
underscores a lack of substantial positive market activity. The
so-called Daily Pivot Point intraday queries are at $1.10 and
according to research, it will act as a support level and is highly
likely to send prices down between $0.99 and $1.03. ADA total
market cap at $35.665 billion in the daily chart | Source:
TradingView.com Protests & Recent Price Slump In an another
development Monday, Canadian Prime Minister Justin Trudeau has put
into effect the country’s first Emergencies Act. The law allows the
government to freeze bank accounts supporting the week-long protest
against Canada’s vaccine mandate. Dubbed “Freedom Convoy,” the
movement is a series of continuous rallies and blockades in Canada
opposing restrictions on vaccines. The Financial Transactions and
Reports Analysis Centre of Canada (FINTRAC) is currently
investigating the flow of crypto in the country. The Canadian
police have issued an order blacklisting
several cryptocurrency wallets associated with the Freedom
Convoy. According to reports, the list has 34 bitcoin wallets with
a combined value of nearly $1.4 million. Related Reading
| Cardano (ADA) Price Touches $1.20 Aims To Regain Previous
Losses The ongoing protests are considered illegal under the
Emergencies Act. The wallets under the prime minister’s prerogative
contained Cardano with estimated transactions between $0 to 1.1
million dollars in cryptoassets. Reports also disclose that 29
Bitcoin wallets, two Ethereum wallets, two Litecoin and 2 Monero
wallets comprise the blacklist. ADA: Under Pressure Cardano (ADA)
is bearish in its stead, as a result of these developments, Cardano
has been under intense pressure since the beginning of the week,
affecting both its assets and investors. ADA/USD was trading in a
descending pattern against both Bitcoin and USD, perhaps leading to
another test of Cardano’s lows. Analysts believe the crypto is
retreating 2.5% from its previous price, and it has proven to be
one of the most contentious cryptocurrencies in the market to date.
It has a large number of tenacious and patient supporters and
investors who think it will break the $10 barrier in the next few
years. Related Reading | New Cardano Milestone Might Be The Push It
Needs To Scale $1.50 Featured image from Chillur, chart from
TradingView.com
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