The crypto market is currently undergoing a downtrend, given that bitcoin has slumped to around $31K and ethereum has lost ground and retreated below $2K. This slump has caused a downtrend in crypto prices, and Cardano ADA is among the cryptocurrencies affected by this trend.
ADA is trading at $1.22 at the time of writing on major exchanges after a 7.2% dip in 24 hours.
ADA Price Analysis
Cardano is experiencing a sharp market pullback, which has made the token fail to go past the $1.25 resistance level. This sudden slump is attributed to the current lack of market support, given that bitcoin and altcoins are trading in the red zone.
If the current downtrend continues, ADA might be headed towards $1.20. Trading below this level amidst the strong bears might push ADA to retest the $1 level. Going below $1 might happen if the downtrend goes on. However, at this point, it might have reached exhaustion, hence creating a perfect bull entry.
If market support for ADA increases, we might see the token retest at the $1.30 levels, which might mean that bulls are in play. A sudden upswing at this time might increase trading volumes from traders who are buying during the current dip.
Cardano came recently into the limelight among crypto social users. This was after the operator of NEO Stakepool published an image on Twitter of his 14-year old asking for his allowance to be paid in Cardano. The news shows that ADA is gaining interest even from the most unusual individual class. The operator even suggested that he could make an NFT out of the note.
— NEO Stakepool (@neo_stakepool) July 12, 2021
On July 12, the Cardano Foundation announced it would be launching a Cardano Developer Portal. The goal of this portal would be to enable developers to build protocols more easily; hence it would boost the functionality of the Cardano network.
If the Cardano network gains more adoption and use cases, the value and stability of ADA prices will increase; hence it will be a good development for holders.
Where to Buy ADA
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