Cardano Could Find Strong Support Level Despite Bitcoin Headwinds
That cryptocurrencies are supposed to be decentralized in many ways is a fundamental requirement behind the technology. Likewise, a few coins like Cardano (ADA) have deviated from the ongoing Bitcoin price crash. Also, Cardano support level is likely to find a relatively strong position even as macro economic trends are not faring well. Analysts see this as a welcome trend at a time when Bitcoin is at its lowest in the recent past.
Strong Cardano Price Action When Bitcoin Is Falling
Bitcoin is down by around 6% in the last 24 hours, trading at just over the $22,000 mark. Meanwhile, Cardano price action is on the positive trajectory, up by around 10% as of writing. Technical indicators appear to be suggesting a minor blip in the coin’s price.
Tomorrow’s likely announcement of interest rate increase by the Fed is likely to have an impact on Cardano, according to analysis by trader Sheldon Sniper. Adding to this is the overbought signal on the Stoch RSI on the four hour chart, he added.
Cardano Support Looks Good In Short Term
On Monday, Cardano support was found to be around the $0.45 level. It was followed by bounce to the upside towards the next resistance zone, which was around $0.50.
More importantly, Cardano is not likely to drop significantly in the short term, as the next support is likely to be around $0.40 or $0.45.
“If there is a drop, support areas are at $0.45 and $0.40.”
As of writing, ADA price is trading at $0.49, up 9.04% in the last 24 hours, according to CoinMarketCap. Comparatively, Bitcoin is trading at $22,199, down 4.92% in 24 hours.
A Cardano community page on Twitter by name Cardanians suggested several reasons behind the coin’s capability to withstand the current bear market.
“Cardano is currently deployed in developing countries and is used by Dish, a Fortune 500 company. There is no reason to stop because of the cost of the ADA. Cardano is a mission-oriented project. Its mission is not dependent on price speculation.”
They stated that the Cardano project has everything it needs to survive. There is interest from people, businesses, and governments, they added.
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
