Among those cryptocurrencies that are experiencing strong fundamental weakness is Cardano (ADA). It had begun to recover from its yearly low of $0.33002 on Oct. 21, gaining 33% with a high of $0.4376. but Once the market shows signs of volatility Doubt began to recede. Obviously, yesterday ADA also suffered bad news from the crypto world and fell to -7.38% on a daily basis. Objectively speaking, it reacted better than other coins to yesterday’s decline and is now trading at $0.3763.
Cardano continues to weaken
Cardano’s year-to-date record is -72%, while from its all-time high of $3.10 in September 2121 it was -89%. These items, coupled with the fact that it recently hit yearly lows, point to the underlying weakness that characterizes ADA.
We already highlighted Cardano’s vulnerability in our last article, Cardano (ADA) took the $0.4270 resistance and retraced it. From the following daily chart, we can see that ADA has already bounced off the $0.423 resistance once before. On the descent I reached the support, as we indicated earlier – However, this correction by Cardano does not have much margin to fall. which level It must not be broken On the downside, it is $0.3850. –
In fact, ADA hit the support at $0.3850 on November 2 and bounced back to the resistance. From here, it resorted to descending to support again, but in the last hours the market started to collapse. In fact, Cardano also collapsed by 8% in a few hours, breaking support.
ADA reacted better than most to last night’s cryptocurrency crash
The pullback sent Cardano straight to the old support area between $0.35 and $0.34. This area has already been touched and breached at new yearly lows in October. However, we can see from the chart that as low as $0.34898, the price rebounded when entering the area.
Currently, the ADA has returned to $0.37490 to get out of this delicate bearish phase. The level should exceed $0.3940. On the level of setting up the indicators, we can see that they have not yet collapsed into negative territory and are still showing some strength.
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