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Cardano Crashes to Pre-Bull Run Price of $0.8, Time to Buy?

Posted on by admin
22
Feb
  • Cardano (ADA) price is on a 20% decrease in the last 7 days.
  • ADA price is trading at $0.8, a level last seen in early 2021 before its bull run.
  • Traders and investors may find this a rare opportunity to make an entry.

The crypto bulls appear to have faltered in their push to reclaim lost territory, as many altcoins are in a huge dip. Among the top ten cryptocurrencies, Cardano (ADA) seems to be hit the most. In fact, ADA saw a 20% decrease in the last 7 days, as per CoinGecko.

But that is not all. ADA price is barely lingering above the $0.8 price, which is a spectacle last seen in early 2021.

Cardano Price Analysis: Time to Buy Now?

ADA/USDT 1-day chart (source: TradingView)

As seen on the chart above, ADA was last seen at $0.8 in late February, which is one of its key resistance-turned-support areas in its climb to $1. This may be a great opportunity for traders and investors who are looking for an entry.

We can also observe the formation of a Falling Wedge pattern, which is a bullish trend reversal indicator. However, trading volumes are dismal, which indicates that there is not enough hype at the moment.

Hoskinson on Enjoying Negative Press: “You’re Sane”

Meanwhile, Cardano creator Charles Hoskinson replied to comments related to the negative press surrounding the project.

Cardano is one of the most colorful communities in the crypto space. It has a lot of supporters and detractors camped at both sides. Hoskinson has been the target of many critics due to his ambitious goals for the project. So far, Cardano has delivered, although not according to the expectations of others, given the fact that Hoskinson co-founded Ethereum.

To be fair, a lot of projects are being built on Cardano. With the dawning of smart contracts, Cardano has shown that it can indeed put a dent in the armor of Ethereum, which remains to be the most popular choice of developers.

However, one particular concern is the use of Haskell as the programming language of Cardano. For people to be able to build on its blockchain, they will need to learn the language.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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