Cardano Price Prediction as ADA Takes a Tumble – Where is the Next ADA Support?
Cardano (ADA) has shed 3% overnight to trade at $0.5832 as of this writing.
The coin’s depreciation is part of a broader market pullback that has shaved 1% off market leader Bitcoin (BTC) and 2% from its closest contender, Ethereum (ETH), in the last 24 hours.
Cardano may be dipping this week, but it’s far off from the spiralling prices posted by other leading so-called “Ethereum killers”.
Solana’s SOL is down 8% over the last 7 days, while Avalanche’s AVAX is down 9.3%
By contrast, ADA’s 7-day depreciation hovers around 2.1%.
Looking at the chart, it’s clear that today’s pullback is not likely to result in any major short-term depreciation of Cardano’s price, which has found strong support around $0.54.
The cryptocurrency is currently trading marginally shy of its 30-day moving average of 59 cents, and with a Relative Strength Index of 45, it’s likely to hold the fort over the weekend without any unruly price swings either way.
Perhaps part of Cardano’s resilience this week, compared with its nearest rivals SOL and AVAX, is down to its creator’s activity on X.
Charles Hoskinson is both vaunted and criticized for his unfiltered feed, where he typically ventures his sometimes controversial opinions on other crypto projects and politics.
This week, he played the visionary CEO and protocol founder during his AMAs when he called on the online developer community to decentralize social media by rebuilding it on Web3.
Hoskinson took aim at fellow CEO and X owner Elon Musk, saying:
“I like Elon Musk, today he has a commitment to freedom of speech and expression. I’m not naïve enough to believe that it’s absolute. I’m not naïve enough to believe I’m always going to be on the right side. But the problem is that you live or die by whether he
Read more on cryptonews.com
