Crypto bears seem to have heavily suppressed the price of Cardano’s native token, ADA, which has resulted in it establishing new bottoms during this crypto bear market.
Ever since the price of ADA slashed below the crucial support levels at $0.385, the token appeared poised to regain the lost level. Unfortunately, the possibility of a bullish reversal is waning away due to worsening macroeconomic conditions.
If bears continue their dominance, then the 8th biggest crypto by market cap may continue to establish new price bottoms – causing it to eventually drop out of the top 10 cryptos list very soon.
ADA has an estimated market cap of $12,251,416,920. Ranked underneath ADA is Solana (SOL) with a market cap of $10,729,149,761, and at the 10th position is the meme coin, Dogecoin (DOGE), with its market cap of $7,864,371,303.
ADA’s price is currently trading between the 200-MA and the 50-MA levels. Despite this, the average volume for the altcoin continues to fade away, which indicates that market participants have lost interest in the project over the last couple of months. The asset’s price is now stuck in a side channel after dropping below $0.38 level.
At press time, the price of ADA is at $0.3573 following a 3.19% drop in price over the past 24 hours, according to the crypto market tracking website, CoinMarketCap. Its price is also down 9.49% over the last seven days.
The recent launch of the Vasil hard fork upgrade elevates the underlying value of the Cardano ecosystem, which over the long term should translate to a bullish outlook for the project from investors once again.
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Source: Cryptocurrency - investing.com
