Cardano (ADA) price looks bullish as it makes a U-turn on Monday following negative economic spikes from China that concern crypto traders.

Also, many major corporations are leaving Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment, making it completely difficult for major cryptocurrencies to raise their price higher than usual.

This could also spell bad news for the ADA; risking a 32% correction. The negative sentiment has grown tremendously, which also indicates a downward trend in the coming quarters.

At the time of writing, the crypto is trading at $0.560514 on Coingecko on Wednesday, down 10% over the past seven days.

Suggested Reading | Ripple (XRP) Price Rises as SEC Legal Showdown Prolongs

ADA is headed for a tailspin below $0.40

Tail risks are increasing incessantly and do not seem to end, which could mean that ADA investors could be headed for the exit in the short term.

ADA price is heading for a nosedive just below the $0.47 price point or the lower end of the distribution zone, which could even go as low as $0.38.

On the bright side, with the developments taking place in the global economy and in the Cardano community, the first trading day of the week has shown promise of recovery. In fact, the price of ADA could possibly go up to $0.687 and go up to $0.915.

ADA Total Market Cap at $18.09 Billion on the Daily Chart | Source: TradingView.com

Even though Cardano suffered a massive drop over the past week, it managed to recover and hit $0.613 on May 16. Meanwhile, Cardano is currently recovering after its 4% gains.

Suggested Reading | Crypto Analyst Predicts 1 Altcoin to Drop Hard – Is it Cardano?

It went through a three-day bounce right there, as shown over the weekend. Whales activity was spotted by Cardano signaling a deviation in price direction.

Cardano TVL is at around $174.74 million. Now, the increase may seem totally insignificant, but it’s a winning leap as it has been steadily declining since its peak TVL of $434.74 million in Q1 or March 28.

Cardano flag at the summit of Mount Everest

Charles Hoskinson, founder of Cardano, is proud to have reached the top of Mount Everest. He was ecstatic at the enthusiastic support from the community. His comment saying “we have marketing”, definitely speaks volumes about his optimism despite the downward trend that ADA has shown in the previous days.

The Cardano CEO prides himself on having a strong and dedicated community of 3 million members and growing. Cardano’s native tokens also rose to 4.7 million.

Furthermore, Cardano also managed to raise $20 million more in funding since Mary 13. Its TVL jumped from 18 million a few days ago to $137 million on May 16, that is, a 6% TVL change in a matter of 24 hours.

Coinbase featured image, chart from TradingView.com





This post Cardano (ADA) could drop back to $0.40

was published first on https://www.newsbtc.com/news/cardano/cardano-ada-could-slide-back-to-0-40-but-0-68-still-doable/

Author

Write A Comment