Cardano slips below $0.50 and there’s more danger ahead for the coin as we can see more today in our latest Cardano ADA news.
Cardano is among the cryptocurrencies with high impact because of major price slides and the price volatility remains one of the biggest discouragement and threat of virtual currency the swing in price can go beyond up to ten times in a single minute. The positive price move is a favorable trend for the token and its investors but a price drop could pose a danger for both.
The general crypto markets saw some downward trend recently which left the tokens on an expected price level as some investors made massive sell-offs. Cardano seems to have entered an instability phase following its critical price drop and the slide went below the possible support level without a rise in the trading volume on the market so Cardano could suffer even more losses.
Cardano is fighting another drop from its position as it’s beyond the supporting mark. It had a market cap ranking as the eighth crypto but the token made a 7% drop in the past 8 hours.
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The ADA price dropped below its $0.50 support mark and the liquidation raised $1.40 million from crypto derivatives exchanges so if the selling pressure increases, there’s a chance of another restoration. ADA’s last 4-hour price chart analysis shows a release from a symmetrical triangle and the Y-axis pattern for height represents a 33.5% drop for the token as the price drops below the support level.
Using the candlestick close which reflects the 4-hour trend will hit below the 50% level of FIB retracement which can bring confirmation of the negative price trend. ADA could maintain a downtrend that reaches $0.34 or $0.32 and by looking at the movements on May 12, the token moved to $0.38 and this can become a possible support level if the market makes another downward move. If there’s continued trading of ADA below $0.46, the bears will gain more benefits.
They could revert the negative appearance of the price drop which will require a break on the resistance barrier by using a candlestick for close to 4-hour experimentation. Cardano slips below now but the market has had many uncertainties and fear in the past weeks so the Fear and Greed Index shows increased levels of negativity for investors and many other participants on the market.
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