ADA is again getting traded in the bearish trend line and has steeped down actively just within a span of 1 day which indicates that its liquidity is really high.
Cardano plunges back in the bearish zone with other altcoins as well as the anchor (Bitcoin) of the market. Many crypto enthusiasts are of the opinion that no matter how much efforts ADA puts in to launch new projects and updates, maximum of these may go in vain due to the crypto market’s volatility. The fate of altcoin like ADA is very much dependent of the crypto market itself and obviously on BTC. BTC’s turbulent and erratic nature are also sweeping away the values of ADA at a great rate.
From the given 1-day chart, it is very much known that Cardano’s fluctuation rate is really high. It is rising as well as deterring at an active rate. Therefore, it is getting harder for it to have an effective support level that can push its value up and can retain that. For instance, yesterday only, Cardano peaked with a trading value of 0.0621 USD but with the daybreak today, it fluctuated down to as low as 0.0586 USD. So, just within one day, value of the coin has lowered by 5.31%. Also, there has been no steady momentum by the coin to assure its stability in the upcoming days. Considering these facts, we think that in the upcoming days, ADA can have a major support around $0.0555.
Thus, in the concluding note, it can be said that Cardano’s fluctuation rate is very high, and it should not be considered for short-term investment as of now. It is better for the investors to be vigilant regarding the price shifts of ADA and the crypto market volatility. However, this is the right time to go long with Cardano investment as the price if low and can fetch expected returns in the long run.