Cardano Saw The Biggest Drop In The Top 10 Coins
- Cardano is currently the coin with the most serious decline in the top 10 coins with the largest market capitalization.
- This is believed to be the effect of the SEC crackdown on Binance and Coinbase.
- There are currently 2 ADA price zones that we need to pay attention to in the short term to trade.
The latest turmoil from the United States Securities and Exchange Commission (SEC) accusing Cardano (ADA) of securities led its price to drop by more than 20% in the previous week.
After Robinhood’s decision to delist Cardano amid mounting doubt about the asset’s future, the price of ADA has also dropped significantly.
Cardano, the brainchild of Ethereum co-founder Charles Hoskinson, is a revolutionary blockchain platform for smart contracts that is similar to Ethereum.
Although ADA rejects the allegations, the persistent shadow of regulatory inquiry has caused market concern. In this volatile climate, investors are diverting their attention to potential and lesser-known companies.
Cardano’s price has recovered dramatically following a brief drop in recent days. The drop had a significant enough effect to make ADA investors nervous. But, with the market now near all-time lows, these investors may take some solace in the idea that the only way from here is up.
Currently, the intraday drop of ADA is recorded at 7.31%, the most severe drop in the top 10 coins with the highest market capitalization at the moment.
With a 27% drop in a week beginning June 5, the ADA price is now trading at $0.25. While the market is now stabilized, the negative trend that has built up since the fall has resulted in ADA being substantially oversold.
Currently, there are 2 close price zones that we need to pay attention to: the 38.2 Fib level at $0.268 and the support area that ADA just bounced up $0.23. With the increase or decrease, the price movement in the near future will be very large.
The cryptocurrency sector has had a turbulent week, with key companies like as Binance and Coinbase being jolted by unexpected government moves, resulting in greater market volatility. The market is mired in uncertainty as further regulatory changes are expected.
In the near term, we will have to wait for more signals from the market, although the bearish correlation pattern is quite clear, the movement of Bitcoin is still very important to assess the opportunity to buy or sell ADA at good price zones.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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