Ranked in at #6 in the list of cryptocurrencies according to market cap, Cardano is a popular name in the crypto-markets. Cardano may not come across as a high-profile name as the other names in the top-10 list, but it is indeed a strong and stable performer. The currency stands in the top 10 along with the likes of Ripple, Ethereum, Litecoin, Bitcoin Cash, and of course - Bitcoin among others.
Cardano has been a hot favourite currency of those who like to play it stable and safe - but volatility is about to strike Cardano too! Market analysts believe that Cardano prices may soon tumble down as a strong downtrend has begun to form.
The currency slid by 2.2% today (which is a drop smaller than the ones compared to many other currencies), but this appears to be the tip of the iceberg. Cardano began the day at $0.334, reached a low of $0.316 and ended the day at $0.333. While technically this is just a drop of $0.001, the larger picture isn't quite enviable either.
Cardano's week began at a price of $0.40 which slowly rolled down to a low of $0.316 earlier today before closing the day at $0.33. Cardano's market cap too fell over the week from $10 Billion to $8.6 Billion USD. Cardano is caught in a downward trend - which is explained by this tradingview graph below:
[caption id="attachment_3104" align="aligncenter" width="1188"]
Expected movement of Cardano price | Image; Tradingview[/caption]
At this point of time, the $0.30 mark is being considered as the line of support. Till the prices are above $0.30, there's still a chance that the currency may recover and bounce higher. However, if it falls below the $0.30 mark, that is all bear-territory from where recovery may be hard.
At this point in time, it is beyond doubt that Cardano is trapped in a downtrend. However, the bulls still have a chance to help it break through while the price remains above $0.30. If you are invested into Cardano, it is best advised to set up a stop loss, preferably at $0.27.
You can also check out our analysis on:
For more (ADA) Cardano price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.
: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions - which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.