Cardano Price Forecast – Bulls Keep ADA Above $0.30, Can Prices Rally Now?
Cardano price holds above $0.30 amid another 2022 crypto crash that followed the Binance and FTX drama.
Although the selloff initially affected FTX Token (FTT), which has since lost 75% of its value over the last 24 hours to trade at $4.43, mass withdrawals from the FTX exchange have hammered an already dilapidated cryptocurrency market.
Further downside is anticipated probably until FTX exchange stabilizes, hopefully with the help of Binance CEO, CZ. According to recent reports, FTX was facing a liquidity crunch and had asked Binance, the largest exchange, to swoop in to protect users.
Cardano price was not spared by the bearish wave sweeping across the market. However, it has absorbed most of the selling pressure relative to other coins. In comparison, ADA's 8.7% drop on the day is a drop in the ocean compared to the 22.7% decline in ETH, the 13.2% loss in BTC, and the 20% crash in XRP.
Cardano presents extremely bullish factors in light of what is going on in the market. In a post retweeted by the Input-Output CEO, Charles Hoskinson, this platform "is a bulletproof example of how to properly build a crypto ecosystem." He reckons that ADA is immune to any venture capital (VC) manipulation or insider influence and mainly focuses on research-based manipulation.
Cardano price now trades at $0.35 after a bearish candlestick, as seen in the daily chart below, tagged $0.348. A Stochastic Oscillator, applied to the same chart, shows that ADA is becoming oversold – and fast, which means a rebound could be on the way.
However, ADA failed to hold support at the upper falling channel (in black), paving the way for a prolonged downtrend likely to test support at the lower channel's (in purple) middle throughline before bulls consider
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