Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable
May 18 2022 - 12:21AM
NEWSBTC
Cardano (ADA) price looks bullish as it does a U-turn on Monday
following negative economic spikes from China getting crypto
traders all worried. In addition, many major corporations are
exiting Russia, including McDonald’s. All of these factors
contribute to heightened risk sentiment making it entirely
difficult for major cryptocurrencies to elevate in price than
usual. This could also mean bad news for ADA; risking a 32%
correction. The negative sentiment has been growing enormously
which also signal a downward trend in the next quarters. As of this
writing, the crypto is trading at $0.560514 on Coingecko,
Wednesday, down 10% in the last seven days. Suggested Reading |
Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On ADA
Heading For A Nosedive Below $0.40 Tail risks pad up incessantly
and it doesn’t seem to end which could mean ADA investors might
head for the exit anytime soon. ADA price is heading for a nosedive
right below the $0.47 price point or at the low end of the
distribution zone which could even reach $0.38. On the brighter
side, with the developments happening in the global economics and
to the Cardano community, the first trading day of the week has
shown promise of recovery. In fact, ADA price could possibly go
towards $0.687 and move 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 during the past week, it
managed to recover and reach $0.613 on May 16. Meanwhile, Cardano
is currently shaking it off after its gains of 4%. Suggested
Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard –
Is It Cardano? It went through a three-day bounce right there as
shown over the weekend. The whale activity was seen for Cardano
which signaled a deviation in price direction. Cardano TVL is at
around $174.74 million. Now, it may seem like the increase is
totally insignificant but it’s a winning jump since it has been
steadily declining from its peak TVL of $434.74 million in the
first quarter or March 28. The difference between cardano and the
other alts. They pay to do stuff like this. The Cardano Community
just does it themselves out of love for the ecosystem and
philosophy. We got marketing. It's three million strong and
growing. https://t.co/cRdnmGZPZz — Charles Hoskinson
(@IOHK_Charles) May 16, 2022 Cardano Flag On Mount Everest Summit
Charles Hoskinson, Cardano Founder, is loud and proud to have
reached the Mount Everest summit. He was ecstatic about the raving
support of the community. His remark saying “we got marketing,”
definitely speaks volumes of his optimism despite the downward
trend that ADA has displayed the previous days. The Cardano CEO is
proud to have a strong and dedicated community comprised of 3
million members and still growing. The native tokens of Cardano
also went up to 4.7 million. Moreover, Cardano has also managed to
get $20 million more in funding since Mary 13. Its TVL has jumped
from 18 million a few days ago to $137 million on May 16 – that is
a 6% change of TVL in a matter of 24 hours. Featured image from
Coinbase, chart from TradingView.com
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