Cardano (ADA) price trades with heavy losses on Thursday. Russia-led military operations into Ukraine send tremors through the markets. Riskier assets were hard hit including global stocks and cryptocurrencies. Nasdaq fell more than 1%, while the Dow Jones Industrial Average lost 1.95%.
- Cardano’s (ADA) price falls more than 7% on Thursday.
- ADA could expect an upside of 35% from the current levels.
- RSI remains in an oversold zone warning against aggressive bids.
The global crypto market wiped out nearly 10% of its value amid the ongoing truce between Russia and Ukraine.
As per the CoinMarketCap, the 24-hour trading volume of the eight largest cryptocurrencies by market cap is being held at $3,152,200,460 with 92% gains.
In a recent update, Cardano Blockchain Insights reported wallets for Cardano’s native currency ADA surpassed the $3 million mark. As per the Electric Capital research report, Cardano nearly doubled its developer base in 2021.
Cardano reclaims $0.80
Cardano’s (ADA) price action has been on the continuous downside after testing the record highs in September at $3.09. Now, the price hit all-time lows at $0.74 in today’s session. It is further recovered to the psychological $0.80 level, which could provide some relief to the ADA buyers. Going forward, it could act as a reliable support level for the asset.
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However, in technical terms, the formation of new highs or lows accompanied by above an average volumes in some cases acted as a ‘reversal’ pattern.
ADA tested record lows with higher volumes, a bounce back to 35% can not be ruled out at the critical $1.0 level.
On the flip side, a spike in sell orders could imbalance the equation and would force ADA to make fresh new all-time lows.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 30 as it approaches the oversold zone.
MACD: The Moving Average Convergence Divergence (MACD) trades below the midline with receding bearish momentum.
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