Cardano (ADA) Trembles, Fall Back to $2 Expected?
- A loss of this defence would reduce ADA to $2.
- Bitcoin rises and altcoins like Cardano (ADA) fall.
Cardano (ADA) has had a fantastic year in crypto. Relating to performance, the ADA has crossed a significant milestone on its way to become one of the top 10 cryptos by market valuation. Every week, the third-largest crypto falls 5.8%.
The crypto underwent a wave, with a big dip on September 7th, followed by a rapid rebound to its current high range. Cardano (ADA) was trading at $2.70, with $2.60, $2.47, and $2.30 providing support. The bears’ last stumbling hurdle is the latter support mark.
A loss of this defence would reduce ADA to $2, according to Analyst Bennet. Cardano (ADA) may potentially rise if the bulls regain higher levels. It continues to trade below a recent trend line. Moreover, Cardano (ADA) seems to be heading down.
Bitcoin (BTC) is the crypto parent. Twelve years later, Bitcoin remains unaffected by newer currencies. Many see Bitcoin as digital gold. Some see Bitcoin as a safe haven for future cryptocurrencies.
Analyst Justin Bennet said:
“As such, Bitcoin’s (BTC) price action could be a determining factor for other altcoins in the crucial days for the entire crypto market.”
Monitor Bitcoin Dominance
ADA may continue its upward trajectory if the bulls regain higher levels. However, as seen, Cardano has been sliding below a recent trend line, increasing the possibility of a weekend drop.
However, there are situations when Bitcoin rises and altcoins like Cardano (ADA) fall. Thus, to minimize risk, the expert-recommended investors monitor Bitcoin (BTC) dominance. Investors seem to be uncertain about the crypto market’s trajectory.
According to CoinMarketCap, Cardano price today is $2.35 USD with a 24-hour trading volume of $1,734,126,865 USD.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
