The altcoin market is currently reeling under pressure triggered by the latest Bitcoin crash. The prices of Ethereum, Dogecoin, BNB, and Cardano are down significantly, trading in red.
Bitcoin has lost 9% of its valuation in its recent price dip; however, with experts weighing in, it seems that Bitcoin is mimicking its 2020 bull run stance.
As analysts pour in positive price predictions for BTC, the altcoin market is also expected to recover some of its lost graces alongside BTC’s momentum surge, stabilizing investors’ portfolios to the right. For Ethereum, Dogecoin, and ADA holders, here’s how this weekend will help altcoins seek stable price thresholds.
While Cardano is still experiencing a massive market crunch, ADA’s striking popularity remains unfazed by the current market stance. The token will eventually pick up pace, entering a bullish zone once it catches the whiff of ongoing bullish sentiments.
CoinCodex predicts ADA to further drop to $0.41 by May 4 and later pick up the pace by the end of May 20, 2024.
“According to our current Cardano price prediction, the price of Cardano may rise by 4.63% and reach $0.465062 by June 1, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 43 (fear). Cardano recorded 12/30 (40%) green days with 11.28% price volatility over the last 30 days.”
#2: Binance Coin or BNB
BNB is suffering the onslaught of its former CEO Changpeng Zhao’s arrest, which is slowing BNB’s momentum down a notch. While BNB may encounter slight price fluctuations as the market repairs and heals, it’s predicted to hit big by the end of May 2024.
Per CoinCodex, BNB may rise by 1% by May 7, trading at $563. However, the token might surge a whopping 24% to trade at $687 by the end of May 2024.
“According to our current Binance Coin price prediction, the price of Binance Coin may rise by 24.28% and reach $687.63 by June 1, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 43 (fear). Binance Coin recorded 15/30 (50%) green days with 3.66% price volatility over the last 30 days.”
#3 Dogecoin
The dog-inspired meme token Dogecoin has always fascinated the crypto vertical by rising rapidly against the norm. Dogecoin has always projected a stable price ascent and is bound to recover its lost pace once the market correction dissipates.
According to CoinCodex, Dogecoin may spike by 0.38% by May 4 to trade at $0.126140. The token may trade at a whopping $0.53 by the end of 2024, making it a lucrative long-term investment instrument to hold and trade with.
“Dogecoin may trade within a range of $ 0.107249 and $ 0.533978. If it reaches the upper price target, DOGE could increase by 316.02% and reach $0.533978.”
Despite being under strict authoritarian scrutiny, Ethereum is faring well in the current bull market scenario. With talks of Ethereum ETFs catching pace, the month of May can be a game changer for the token’s entire price trajectory.
According to CoinCodex, Ethereum may note a surge of 1.48% by May 4, trading at $2,942.
The token may rise by a modest 3% by the end of May 2024, exchanging hands at $3,010.
“According to our current Ethereum price prediction, the price of Ethereum may rise by 3.08% and reach $3,010.34 by June 1, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 43 (fear). Ethereum recorded 16/30 (53%) green days with 5.31% price volatility over the last 30 days.”
Solana has a strongly bearish market structure on the lower timeframes.
The 78.6% Fibonacci level has been valiantly defended – but for how much longer?
Solana [SOL] did not have much positive news for it in terms of the price action. It faced rejection from a higher timeframe imbalance at $160 and has settled into a range formation.
This range extended from $156 to $116.3. The technical indicators had a bearish bias to them. A recent AMBCrypto report also highlighted the plight of the Open Interest behind SOL, and its bearish implications.
The mid-range level was resistance now
Source: SOL/USDT on TradingView
The range (purple) has its mid-range mark at $136.6. At press time, SOL was trading at $129.1. It appeared to be headed to the mid-range level as a retest and is likely to face rejection in the coming hours.
The RSI remained below the neutral 50 mark on the 12-hour chart. Its reading of 40.57 showed bearish momentum. The OBV has been in a slow downtrend in the second half of April. The past two days saw it bounce from the mid-April low.
If this OBV support is broken, it would indicate that SOL sellers were gaining strength. This might be enough to push prices below the range lows at $116. The Solana price prediction based on the internal structure highlighted that $122 was a critical support level.
The next magnetic zone could deflate all bullish hopes
The sentiment in the market was already fearful. The move to $116 on the 13th of April and the subsequent bounce showed that the liquidity near $120 was already swept.
After breaking ground in Japan, XRP has once again attracted significant attention. The token is now waiting to strike bullish momentum, with its price now projecting a stable price threshold. The token is up 2%, trading at $0.51, in the last 24 hours, with predictions of it rising beyond $0.75 this month.
The cryptocurrency analysts on X (formerly Twitter) have been long forecasting positive price predictions for XRP. Despite the token’s battered price trajectory, analysts are hoping XRP will soon adapt to the growing market frenzy and may soon break into a bullish trend.
XRP: A Massive Breakout Due This Week?
Source: Watcher.Guru
Per Documenting Ripple, XRP is currently forming a notable ascent pattern in its chart, denoting that a notable price hike may soon be on the cards for Ripple. XRPs historical data has suggested that the dip formation that can be seen on the XRPs chart presently has usually coincided with a noteworthy breakout later.
The following prediction has amplified hopes for crypto enthusiasts who have long been hoping for XRP to break into a bullish trend.
🚨XRP Massive bounce🚨
A bottom on the XRP/BTC has historically been a sign that XRP is moments away from a massive breakout against the rest of the crypto market.
Every other time this has happened XRP has pumped AT LEAST 1000% ✅
— Documenting Ripple 📚📜 (@RippleArchive) May 1, 2024
Besides the candlestick chart formation, Ripple’s stellar league of alliances has been proof enough of XRP’s lasting legacy. The organization is leaving no stone unturned to diversify XRP’s use cases and eventually help the token create its own uncontested user base.
According to CoinCodex, XRP may note a 20% jump in its price this week and may exchange hands at $0.61 by May 4–5, 2024.
However, by May 9, the token may undergo the usual market correction to fall back and trade at $0.59.
“The XRP price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these XRP projections, XRP will be changing hands at $0.592749 on May 9, 2024, gaining 15.86% in the process.”
XRP Forecast for May
The month of May seems to be a promising month for XRP, as the token may show signs of stability and a gradual ascent to newer price thresholds. Per CC, XRP may spike by 20% to climb and trade at $0.61 on average by the end of the month.
“According to our current XRP price prediction, the price of XRP is predicted to rise by 20.13% and reach $0.614578 by June 1, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 43 (fear). XRP recorded 13/30 (43%) green days with 7.91% price volatility over the last 30 days.”
According to Coinpedia, XRP’s stellar league of alliances and partnerships are capable triggers that may catapult its price to $1 by the end of this month.
“With the sideways volatile shift growing in the XRP price chart, the sellers are dominating the short-term trend. Nevertheless, a reversal rally in the event of a market recovery could shape a triangle breakout for Ripple. In such a case, the XRP price can reach $1 this month.”
The Solana price has gained 10% in valuation today, with the SOL price moving to $137.28 as the cryptocurrency market as a whole posts a 2% increase in 24 hours.
This move comes after a bad start to the week for the entire market, with SOL still down by 5% in the last seven days and by 23% in a month.
However, the coin still sits on a 525% appreciation in the past year, and with it retaining plenty of medium- and long-term momentum, today’s recovery could easily continue over the next few days.
Solana Price Prediction as SOL Gains 10% Overnight — Is It Time to Load Up?
Looking at Solana’s technicals, it’s initially hard to decide whether it’s going to come back down again or will see further rises in the near term.
On the one hand, SOL’s relative strength index (purple) has touched 70 – an overbought position – and looks as though it has begun declining.
Source: TradingView
On the other hand, the coin’s 30-day average (orange) still hasn’t climbed over its 200-day (blue) yet, meaning that the token still has time for more gains before it becomes decidedly overbought.
One thing that’s particularly positive about SOL’s chart today is that its trading volume has risen to $5 billion, up from only $2 billion a couple of days ago.
The past 24 hours have also seen some very significant transfers, with one unknown wallet sending nearly $200 million in SOL to another unknown wallet in the past couple of hours.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,499,999 #SOL (199,509,099 USD) transferred from unknown wallet to unknown wallethttps://t.co/Hjmo4fe3UQ
SOL’s fate in the near term depends on the wider market, which appears to have bottomed out after this week’s big fall but could still have a few more wobbles before returning to sustained growth.
Yet the expectation remains that rates will be cut later in the year, at which point the market will see more obvious joy.
This will help the Solana price, which could hit $150 in a few weeks and $200 by the end of the summer.
New Altcoins for New Rallies
Traders may not be overjoyed about having to wait several months for a big SOL rally, yet numerous newer tokens do have the potential to beat the market over a shorter time span.
This includes several presale tokens, which can often rally big when listing, as a result of generating momentum during their sales.
Despite opening its sale only yesterday, it has already raised more than $100,000.
Source: sealana.io
This is a strong sign that investors are already taking a shine to Sealana, which is aiming to become the latest Solana meme token to storm the charts.
It has adopted the ever-lovable seal as its meme mascot, with the Sealana character styled as a somewhat oafish trader who happens to make some big profits trading.
Traders can purchase some as part of its sale by going to the official Sealana website, where they can send SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c
Send SOL to – DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c Or, purchase through the https://t.co/uKsMoz55L2#Presale website!
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Amidst positive market expectations, Bitcoin (BTC) faces a downtrend, dropping to $62,247 with an intra-day low of $62,007. Global tensions and US Department of Justice actions against crypto founders fuel this decline.
Additionally, apprehensions regarding China’s economic stability add to investor concerns. The slump is exacerbated by slowed ETF inflows, as investors withdraw $218 million from Bitcoin ETFs amidst sluggish US economic growth.
Diminished prospects of a Federal Reserve interest rate cut contribute to negative sentiment, shaping Bitcoin’s current trajectory.
Australian Bitcoin ETF Impact: Potential Boost for BTC Price & Institutional Interest
The imminent introduction of spot Bitcoin ETFs in Australia, following the success of similar products in the United States, promises to reshape the landscape of cryptocurrency investment in the region.
As ASX Ltd, the Australian public company that operates Australia’s primary securities exchange, gears up to approve the country’s first spot Bitcoin ETFs by the end of 2024, market players like Van Eck Associates Corp. and BetaShares Holdings Pty are actively positioning themselves to seize this opportunity.
The potential impact of Australian spot Bitcoin ETFs on BTC price and market dynamics is significant, with implications for both institutional interest and the influx of investments from Australia’s substantial pension market.
Recent data reveals a noteworthy decline in cash inflows into Bitcoin exchange-traded funds (ETFs), with investors withdrawing approximately $218 million from these investment vehicles.
This shift in investment patterns stems from a federal economic report highlighting slower-than-anticipated growth in the US economy, diminishing expectations of Federal Reserve interest rate cuts.
Consequently, higher interest rates dissuade investors from allocating funds to volatile assets like Bitcoin, favoring more stable alternatives.
Key Points:
Investors withdrew nearly $218 million from Bitcoin ETFs due to concerns over sluggish US economic growth.
Slower growth reduces prospects of Federal Reserve interest rate cuts, impacting investor sentiment.
Approval of 11 Bitcoin ETFs in January initially drove significant investment inflows.
Bitcoin Price Prediction
Today, Bitcoin (BTC/USD) is priced at $62,247, with a chart timeframe indicating ongoing volatility. Key price levels suggest a pivot point at $62,899, signaling a crucial juncture for market direction. Immediate resistance stands at $64,884, followed by $67,084 and $68,734. Conversely, immediate support lies at $61,062, with subsequent levels at $59,660 and $58,175.
Technical indicators reveal mixed signals, with the Relative Strength Index (RSI) at 33, indicating a neutral stance. The 50-day Exponential Moving Average (EMA) stands at $63,655, providing additional insight into price trends.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
As May unfolds, the cryptocurrency market faces a noticeable correction, reminiscent of the old adage “Sell In May & Go Away,” stirring up investor sentiment. Bitcoin (BTC) leads the downturn, marking a 10.52% decline over the past week, with its trading value hovering just above $57,450.
The sharp decline in Bitcoin’s price sends ripples across the broader market, impacting assets like Dogecoin (DOGE), which saw a 4.7% dip in the last 24 hours and a 16.75% decrease over the week.
What is to come? Looks like an analyst might have some answers for us…
The Outlook Remains Optimistic
Despite the market turbulence, renowned crypto analyst Ali Martinez maintains an upbeat outlook for select assets, particularly Dogecoin. Martinez’s analysis reveals a breakout from a descending pattern on Dogecoin’s chart, hinting at a potential upcoming bull run.
Martinez’s recent tweet highlights interesting parallels with historical data, indicating that Dogecoin’s current correction mirrors previous instances that preceded significant value surges.
What History Tells Us?
In 2017, Dogecoin’s breakout from a descending triangle was followed by a remarkable 40% retracement, heralding a staggering 982% bull run. This pattern underscores the coin’s capacity for exponential growth after periods of consolidation.
Similarly, during the 2021 crypto frenzy, Dogecoin emerged from a descending triangle, retracing by 56% before embarking on an extraordinary ascent of 12,197%. This meteoric rise garnered global attention and solidified Dogecoin’s position as a distinctive player in the digital asset arena.
Dogecoin in 2024: History Repeats Itself
Fast forward to 2024, Dogecoin finds itself in a familiar position, breaking out of another descending triangle formation. Currently, the cryptocurrency experiences a significant 47% price correction, mirroring past cycles that have historically preceded substantial upward movements.
Despite the dip, Dogecoin proponents remain optimistic, interpreting these patterns as indicators of future growth potential.
Dogecoin Price Analysis
As of now, Dogecoin is trading at $0.126189, reflecting a 3.43% decline in price over the last 24 hours. Despite this decrease, trading volume has surged by an impressive 49.83%, with Dogecoin’s market cap standing at $18 billion.
Are you buying the dip on Dogecoin? Share your thoughts.
Bitcoin (BTC) experienced another sharp decline, falling to a multi-month low of approximately $56,600.
Shiba Inu (SHIB) saw its price fall by 13% over the week, despite advancements in its ecosystem and a significant increase in its token burn rate, aimed at reducing supply.
Ripple’s XRP maintained relative stability in a turbulent market, with analysts predicting substantial future price increases based on strong technical signals.
BTC Price Swings
The cryptocurrency market flashed red in the past several days, with vitcoin (BTC) among the heavily affected assets. Its price briefly surged to over $67,000 shortly after the halving but headed south towards the end of April.
It plummeted below the $60K mark on May 1, with the freefall eventually leading to a multi-month low of approximately $56,600 (per CoinGecko’s data).
The bulls witnessed a dose of optimism several hours ago when BTC reclaimed some lost ground, jumping to $58,500.This happened right after the US Federal Reserve announced no additional interest rate hikes at its latest FOMC meeting.
However, the bullish momentum was short-lived, and BTC dipped once again to its current level of around $57,500.
Despite the somewhat grim reality, there are numerous factors indicating that the trends may change soon. Such examples are BTC’s negative exchange netflow in the past week, the Market Value to Realized Value (MVRV) metric which has experienced a downfall, and the rising open interest (OI) weighted funding rate.
Perhaps the most obvious element hinting that a BTC bull run is still in the cards is the halvingthat took place last month. Historically, the event has been a precursor of a major resurgence for the asset and the entire cryptocurrency market. Those willing to learn more about its specifics, please take a look at our dedicated video below:
SHIB Developments
The second-largest meme coin by market capitalization has also underperformed as of late, with its price tumbling by 13% on a weekly scale. On the other hand, it witnessed multiple advancements related to its ecosystem.
As CryptoPotatoreported, the SHIB burn rate soared by 90% on May 1, whereas the destroyed assets throughout April equaled almost 1.7 billion. The program’s ultimate goal is to reduce the circulating supply of the meme coin, making it scarcer and potentially more valuable in time.
Shibarium also made the headlines. The layer-2 scaling solution experiencedan important upgrade last week and is scheduled to undergo another one today (May 2).
XRP Forecasts
Despite briefly falling below the $0.50 level, Ripple’s XRP remained rather steady during the latest market turbulence.In fact, its price is slightly in the green today and up 3% on a two-week scale.
Numerous analysts believe the asset’s best days are yet to come, envisioning wild targets for the following months. The X user Dark Defender claimed XRP could explode to $5.85 and eventually to a whopping $18.22 as long as it trades above the two major support levels – $0.46 and $0.39.
EGRAG CRYPTO outlined a bullish prediction, too, based on the token’s latest weekly candles that have not dropped below a certain resistance zone.
“Remarkably, not even the body of the weekly candles is closing below the arc, which is incredibly bullish! XRP Army, STAY STEADY! The XRP bulls are showing remarkable resilience, strength, and power in this battle,” the analyst concluded.
The top crypto prices today witnessed continued declines as the Bitcoin (BTC) price plunged to the $57,000 level. In addition, the Ethereum (ETH) price geared up for a dip below the $2,900 mark, losing hold on a crucial level. However, other top altcoins, such as Solana (SOL), XRP, Cardano (ADA) rebounded significantly, defying the bearish turn.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price plunged by 4.43% reaching $57,419.91 at the time of writing on Thursday, May 2. On the other hand, it’s trading volume soared 30.72% to $49.54 billion in the last 24 hours. Whilst, the crypto’s market capitalization slipped to $1.13 trillion.
2. Ethereum Price
The Ethereum price lost 2.86% to $2,912.84 at press time with a market valuation of $355.33 billion. Whilst, ETH saw its trading volume surge 12.01%, reaching $20.16 billion.
3. Solana Price
The Solana price rebounded and inched closer to the the $130 mark today. The Solana price gained 2.75%, settling at $129.31. In addition, SOL witnessed a 19.65% surge in trade volume to $4.16 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price surged past the $0.51 level. The XRP price recorded a gain of 1.75%, reaching $0.5113. On the other hand, XRP’s trading volume spiked 30.32% to $1.78 billion.
5. Cardano Price
Meanwhile, the Cardano crypto price was up 0.66% to $0.4445 today. Whilst, ADA recorded a hike of 28.11% in its 24-hour trading volume, settling at $533.30 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price slipped 5.41% to $0.125 while its rival, Shiba Inu price was down by 1.98% and traded at $0.00002168.
Axelar (AXL): The Axelar crypto surged 8.11% and traded at $1.17.
Polkadot (DOT): The DOT crypto price rallied 5.22% to $6.86.
EOS (EOS): The EOS crypto price was up 3.33% and was valued at $0.7813.
Optimism (OP): The TRX crypto price rose 2.97% to $2.66.
Top Crypto Losers Today
Helium (HNT): The HNT price plummeted 7.84% to $4.95.
Toncoin (TON): The Toncoin price plunged 6.60% to $4.72.
Cronos (CRO): The CRO crypto slumped 6.28% to $0.1233.
Sei (SEI): The Sei price witnessed a dip of $0.5098 to 6.02%.
Despite the bearish turn, Solana, Dogwifhat, and Pepe made it to the top gainers list today. However, millions worth of crypto liquidations were noted in the past 24 hours, which could have expedited the latest crash for BTC and ETH. According to Coinglass, Bitcoin alone witnessed $145.55 million liquidations in the last 24 hours. Out of this, $109.13 million has been attributed to longs.
The world’s largest meme coin, Dogecoin, has come under massive selling pressure recently dropping 17% over the last week and more than 33% over the last month. As of press time, the dogecoin (DOGE) price is trading 4.5% down at $0.1255 with a market cap of $18.09 billion. However, market analysts continue to be bullish on the meme coin, stating that it has weathered such huge corrections in the past as well.
Dogecoin Price Gearing Up For 1000% Rally?
Crypto analyst Ali Martinez highlights the recurring pattern in Dogecoin’s price behavior, suggesting that the current correction is typical before significant bull runs.
Martinez points out historical instances in 2017 and 2021 where the Dogecoin price experienced similar retracements before substantial price surges. In both cases, Dogecoin broke out of descending triangles, retraced by significant percentages (40% in 2017 and 56% in 2021), and then witnessed massive bull runs of 982% and 12,197%, respectively.
Martinez notes that in 2024, Dogecoin has once again broken out of a descending triangle and is undergoing a 47% price correction, resembling previous cycles, which could potentially precede the next Dogecoin bull run. On the other hand, there’s a rising Dogecoin whale interest to support the rally ahead.
This observation suggests a recurring pattern in Dogecoin’s price movements over the years, emphasizing the importance of patience for investors. If the DOGE price follows a similar trend as suggested by Martinez, we could see DOGE surging past $6.0 in the next crypto bull run.
Following a dip below $0.150, Dogecoin experienced continued declines, entering a short-term bearish trend akin to Bitcoin and Ethereum. The price fell below the crucial support zone at $0.1350, reaching a low of $0.1201 before stabilizing.
Although there was a slight recovery above $0.1250, gains were limited by resistance at $0.130. Currently trading below $0.1420 and the 100 simple moving average (4 hours), DOGE faces resistance near $0.130. The next significant barrier lies at $0.1350; failure to surpass this level could lead to further downward movement. Initial support is anticipated at $0.1220.
The subsequent significant support level is around $0.120. Should the price breach this support level to the downside, it may continue its descent. In such a scenario, the price could potentially drop towards the $0.1040 level.
Cardano’s price tumbled below $0.43 on May 1, after closing April with 35% losses; on-chain metrics reveal the major driver behind the ADA downtrend.
Cardano price Closes April 2024 with 35% Losses
In April 2024, Cardano’s price action was significantly volatile. As crypto investors took a cautious stance in the wake of Bitcoin’s halving, demand progressively dried up for mega-cap altcoins, including ADA, SOL, and ETH.
Earlier this week, the Cardano team announced plans for a hardfork that would enhance the proliferation of P2P transactions on the network, sparking rumors of a potential rally.
Cardano ADA Price Action | TradingView
However, the chart above shows that bulls remained on the sidelines despite the community’s optimism surrounding the Ouroboros Genesis rollout. At the time of writing on May 1, ADA’s price dropped to $0.43, its lowest since April 13.
Cardano DeFi Ecosystem Users Withdraw 80M ADA in 60-days
Failure of the Ouroboros Genesis rollout to generate demand for ADA this week, signals the presence of a stronger fundamental bearish catalyst. Looking at the underlying on-chain data, Cardano’s DeFi ecosystems appear to be the key driver behind the recent negative price action.
The DeFiLlama TVL chart below monitors real-time swings in the number of ADA coins locked up within Cardano-native DeFi protocols.
Cardano ADA TVL 60 day trend| DeFillama
As of March 1, 708.8 million ADA coins were locked up across the Cardano DeFi Ecosystem. But the latest data on May 1 2024, shows a TVL balance of 589.6 million ADA, reflecting a decline of 119.2 million ADA over the last 60-days.
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Typically, a prolonged decline in TVL intensifies bearish pressure on the native coin price for two key reasons.
Firslty, when coins are locked in DeFi protocols, it temporarily reduces the short-term market supply. Hence drop-off in demand for ADA within decentralized finance protocols could lead to increased selling pressure on the native coin as investors seek alternative assets.
More so, the decrease in TVL suggests reduced liquidity and activity within the Cardano DeFi ecosystem, potentially signaling waning investor confidence.
Cardano Price Forecast: Bears Eyeing $0.30 Target
Valued at today’s Cardano prices, the 119.2 million ADA pulled from DeFi smart-contracts has added approximately $50 million to the short-term market supply. If it persists Cardano price could drop as low as $0.30 in the coming weeks.
However, IntoTheBlock’s global in/out of the money metric highlights that a looming sell-wall at $0.40 could Cardano bulls a life-line in the near-term.
Cardano ADA Price Forecast | Source IntoTheBlock
As seen above, 379,980 addresses had acquired 3.67 billion ADA at an average price of $0.39. This large cluster of holders could pose formidable short-term support if they make frantic purchases to cover their positions.
However, if the bulls fail to stage a rebound from the $0.40 support, ADA could enter a free fall toward $0.30 as predicted.
On the flip side, Cardano’s price trajectory could flip positive again if the bulls manage to trigger a decisive rebound above $0.50.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
