The past 24 hours have seen a 5% dip in the value of Cardano (ADA), indicative of the wider crypto market slump of over 3%. With pressure being exerted on leading crypto exchanges Coinbase and Binance by the SEC, it raises pertinent questions: What does this spell for ADA? How far down the rabbit hole can the ADA price go? Let’s analyze in this Cardano price prediction article.
Why is the ADA Price Down?
Since the onset of the month, ADA prices have been significantly affected, unable to break past the formidable resistance price of $0.40. The SEC’s decision to file a lawsuit against Coinbase and Binance triggered an industry-wide crash in the crypto market, and ADA was no exception.
With the prices already adjusting from a resistance rebound lower, ADA suffered a blow, which can be linked to these macro-level incidents affecting the crypto industry. The result was a dramatic plunge in the ADA prices, confirming the long-feared spill-over effect of the SEC’s actions.
Cardano Price Analysis – Is Cardano a BAD Investment?
When examining the recent tumultuous journey of ADA prices, a noteworthy incident was the steep fall to the robust support price of $0.25. This significant drop kickstarted a slight rebound, with prices attempting to regain some ground to reach over $0.30.
However, the ADA prices were not spared the broader bearish sentiment in the crypto market, resulting in a further dip of as much as 21%. This lead to ADA prices eventually settling at the current price of $0.25, mirroring the general downtrend in the cryptocurrency market over the last week.
Cardano Price Prediction – Any Hope Left?
As the cryptocurrency market shows continuing weak signs of recovery, ADA prices appear set to follow suit. The price of Cardano could potentially descend towards the $0.20 price mark if the present trend prevails.
However, the hope is that the prices will stabilize and prevent a further slide into the abyss. If the decline continues unchecked, ADA prices could crash even more drastically to the $0.18 mark, marking a significant blow to the currency’s value.
