Recognize the causes of cryptocurrency. Cardano could Experience a sharp drop soon
Cardano has held a position in the top 10 cryptocurrencies for a while. It is one of the most stable cryptocurrencies on the market and has never fallen below the top 10. Cardano surged in 2021 and became the third-largest digital currency by market capitalization after reaching US$1.3 in February.
The price of Cardano increased rapidly in 2021 and reached a new all-time high of US$2.96 in the first week of September. But this ATH triggered Cardano’s freefall. The coin’s price is now US$0.74, a 75% fall in the past 11 months.
Following regulatory actions by the U.S. Securities and Exchange Commission (SEC) against major players Binance and Coinbase, the broader cryptocurrency market experienced unprecedented volatility during a turbulent week for the industry. These activities have sent shockwaves throughout the business, causing vulnerability and setting off critical cost drops.
Nevertheless, despite the overall market’s declines, some altcoins have suffered particularly, including ADA, Cardano’s native token.
Friday, June 9, at the time of publication, ADA was trading at US$0.31, down 3.55 percent for the day. The altcoin dropped by more than 15% over the week, going from US$0.37 to its current value. ADA currently faces a primary help zone at US$0.30, which, whenever penetrated, could push the crypto token further down to as low as US$0.27.
