Cryptocurrencies are built to be decentralised in a variety of ways, which is a key feature of the technology. Cardano (ADA) and a few other cryptocurrencies have deviated from the current Bitcoin price decrease.
Furthermore, despite the unfavourable macroeconomic outlook, the Cardano support level is expected to remain quite stable. When Bitcoin is at its lowest point in recent days, analysts see this as a bullish tendency.
Bitcoin has dropped almost 6% in the last 24 hours, hovering just above the $22,000 mark. On the other hand, Cardano’s price is currently up by almost 10%. According to technical indicators, the currency’s value has experienced a minor blip.
According to trader Sheldon Sniper, Cardano will be influenced by the Fed’s likely disclosure of an interest rate hike tomorrow. On the four-hour chart, he also noticed the overbought indicator on the StochRSI.
For The Short-Term, Caradano Price Flashes Positive
On Monday, Cardano support was about $0.45. The price rose to the next resistance level, which was at $0.50.
More importantly, Cardano is unlikely to drop much in the near future. The next level of support is projected to be around $0.40 or $0.45.
According to CoinMarketCap, the price of ADA is currently $0.49, up 4.48 per cent in the last 24 hours. On the other hand, Bitcoin is currently trading at $22,550, down 5.46 per cent in the last 24 hours.
Cardanians, the name of the Cardano community site on Twitter, presented a number of considerations for the coin’s ability to withstand the current market drop.
They believe the Cardano project has everything it needs to succeed. Individuals, businesses, and governments are all interested. Because Cardano is used in impoverished countries, they believe it. ADA is also used by Dish Network, a Fortune 500 corporation. They believe Cardano is a mission-driven project that does not rely on price.