That cryptocurrencies are supposed to be decentralized in many ways is a fundamental requirement behind the technology. Likewise, a few coins like Cardano (ADA) have deviated from the ongoing Bitcoin price crash. Also, Cardano support level is likely to find a relatively strong position even as macro economic trends are not faring well. Analysts see this as a welcome trend at a time when Bitcoin is at its lowest in the recent past.
Strong Cardano Price Action When Bitcoin Is Falling
Bitcoin is down by around 6% in the last 24 hours, trading at just over the $22,000 mark. Meanwhile, Cardano price action is on the positive trajectory, up by around 10% as of writing. Technical indicators appear to be suggesting a minor blip in the coin’s price.
Tomorrow’s likely announcement of interest rate increase by the Fed is likely to have an impact on Cardano, according to analysis by trader Sheldon Sniper. Adding to this is the overbought signal on the Stoch RSI on the four hour chart, he added.
Cardano Support Looks Good In Short Term
On Monday, Cardano support was found to be around the $0.45 level. It was followed by bounce to the upside towards the next resistance zone, which was around $0.50.
More importantly, Cardano is not likely to drop significantly in the short term, as the next support is likely to be around $0.40 or $0.45. :If there is a drop, support areas are at $0.45 and $0.40.”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.