On Monday, the cryptocurrency market saw a major crash. Leading altcoins fell by double-digits. Investors fear another collapse, since billions have disappeared in two days. Cardano ADA saw one of the largest drops among altcoins, falling over 9% within 24 hours.
As of the time this article was published, ADA had fallen to $0.31. That’s a 10% decrease from yesterday. Cardano has suffered a tough week with a 22% drop in value. ADA’s trading volume remains high, but it doesn’t seem to have much of a momentum as we begin the new week.
Cardano ADA is a strong correlate with Bitcoin, which has contributed to the recent decline of Cardano ADA. ADA, like many altcoins as well as other crypto assets follows BTC’s rises or falls. Bitcoin, with its largest market cap and overall dominance in cryptography, is by far the leader. Bitcoin’s 6% drop to $54,619.94 has sent the crypto market into a tailspin. Solana SOL (one of the 10 top cryptocurrencies) and Dogecoin have both dropped in value. So, BTC’s latest decline has pushed the entire market down, including ADA.
Cardano ADA and other cryptocurrencies have also been affected by the US economic situation. The Fed still hasn’t decided on the next interest rate decrease despite inflation improvements. The crypto-experts who expected a strong correlation between falling interest rates and bullish markets were surprised by this. According to the July jobs report, unemployment in the US is higher than most people think. Even the stock market is facing considerable lossesIn the first trading hour today, the US stock exchange lost more than 2 trillion dollars. This indicates that the economy is still struggling, to the detriment of the crypto markets.
Cardano ADA Price Prediction – Is the Future of Cardano ADA Bleek or Good?
All leading indicators indicate a strong ‘sell’ option for Cardano’s native cryptocurrency, ADA. ADA’s technical indicators are 78% bullish and 22% bearish. ADA also signals a strong ‘sell’ option and could shed further value in the charts. Token is now in bearish territory and it could take a long time to get out of this. The Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), Weekly Simple Moving Average (SMA), and Weekly Exponential Moving Average (EMA) all point toward the ‘sell’ option.
Investors are searching for signs of improvement, but so far to no avail. A slight correction might be enough to bring the asset up just a bit and prevent it from falling much more. In the worst case scenario, this could be just the beginning of a very bearish month for Cardano ADA. Some believe that in September, the Fed will implement its first rate reduction for over a decade. Maybe that can save the cryptocurrency market from a new crash. Investors in Cardano ADA, particularly those who are looking to purchase the debt, should remain cautious for now due to its volatility.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru