Cardano (ADA) dipped 11% to $0.665 today. Will it recover or sink lower? ETF hopes inspire hopes.
Cardano (ADA) too is suffering, having its price decline 11% in the last 24 hours to around $0.665. Whether it will recover or keep falling remains on everyone’s mind.Trading volumes are high, with volumes rising by 9%, meaning the market is active today.
The $0.65 mark is the key. If ADA stays above it, there is a 25% possibility of reaching $0.85. But if it falls below $0.65, it will decline by 22%. ADA is struggling with the 20-day moving average at the moment, which means the bears are in control. The 50-day and 100-day averages are also on the cusp of breaking down, meaning more losses are around the corner.
On the flip side, over $8 million worth of ADA has left exchanges recently, which often means people are holding and not selling. Still, short traders are betting $17.3 million on ADA falling more.
Bitcoin’s struggles aren’t helping ADA either. The whole market’s under pressure, which could drag ADA down more. But there’s a silver lining: The SEC has accepted a Cardano ETF filing. If approved, this could bring in fresh investors and give ADA the boost it needs.
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