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After the massive liquidation event on the cryptocurrency market, which according to several estimates amounted to at least $8 billion, the price of popular cryptocurrency Cardano (ADA) experienced a 37% drop over the last 24 hours, hitting a low not seen since Nov. 10 at $0.506.
What's not surprising, but still interesting, is the rebound that occurred after the price of ADA hit this low. Over the next few hours, the Cardano token regained more than 41% of the drop, and as a result, emerged below several crucial levels of $0.6 and $0.7 per ADA.
Godfrey BenjaminThese levels represent the key price resistance and support for the Cardano token, and the fact that they were defended with buying after the avalanche of liquidation ended says a lot about the purchasing power of Cardano buyers.
If ADA manages to hold there, then its price chart may take on a bullish bias, and a rise to the next major price zone at $0.8-$0.9 becomes more likely. On the other hand, if bulls fail to hold ADA there, then the drawdown could be even more painful than it was during those wild 24 hours.
The options are really clear, as is the precision with which ADA has rallied to such a crucial price level. Much will depend on the fundamentals and the movement of the cryptocurrency markets, but as long as the price of the Cardano token remains there, there is some optimism about the future of this cryptocurrency's price.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Valeria Blokhina
Dan Burgin
Vladislav Sopov