Main navigation

Cardano (ADA) Performs Better Than Majority of Crypto Market, Surviving Massive Sell-Off

Mon, 06/13/2022 - 14:24
article image
Arman Shirinyan
Any port in crypto storm, in case of Cardano
Cardano (ADA) Performs Better Than Majority of Crypto Market, Surviving Massive Sell-Off
Cover image via

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.

Read U.TODAY on
Google News

While negativity and even panic cover the cryptocurrency market, Cardano remains under strong selling pressure but remains above critical support zones and loses less than others.

ADA moves in consolidation range

Despite being in the downtrend, ADA traders and investors withheld the pressure incoming from bears and keep the assets inside of a consolidation range formed since the middle of May.

Cardano chart
Source: TradingView

Unfortunately, the 50-day moving average resistance did not let ADA to break out from it in an upwards direction, which is why the asset retraced toward the support, which yet manges to hold it from a further plunge.

Can ADA avoid a sell-off?

Unfortunately, the long-term condition of Cardano on the market does not promise a positive price performance in the upcoming weeks or even months as ADA still remains in the falling wedges and cannot break through.

As the technical analysis suggests, ADA has no major support levels until $0.4 and $0.2, which may become the main reason behind another downward plunge.

Binance Temporarily Halts Bitcoin Withdrawals Amid Market Mayhem

Though most metrics and indicators on the market suggest that Cardano is ready for another plunge down, we may see the volume slowly decreasing, which is considered as a positive sign during a bearish market.

The descending volume may suggest that bears are slowly losing their power on the market and can no longer provide enough selling pressure to keep the asset in the downtrend.

At press time, ADA trades at around $0.45 as it sits on the local support level, which had been tested twice prior to the current sell-off on the cryptocurrency market, in which Bitcoin dropped to $23,500 and Ethereum tumbled to $950 on certain exchanges like Uniswap.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.