Cardano (ADA) Price Falls 35% From All Time High, Will Bulls Gobble Up The Dip?
Cardano (ADA) price has went on an amazing run over the last month as prices rose over 200% from $1.00 past $3.00. This price movement was largely credited to the anticipation of smart contract capabilities going live on the Cardano blockchain after nearly 4 years of hard work. To everyones surprise, the beta version of this capability went live last week & It was only able to process 1 transaction per block.
This was much less than anticipated but the founder reassured everyone its the beta version & improvements will be coming. Overall, it seems that ADA finally reset itself after such a strong push the last month or so.
While looking at the last few weeks of price movement, we can see how ADA started to go sideways after $3.00 was nearly reached. The price formed a rising wedge & earlier today, ADA completely broke to the downside of this wedge. Once the support of $2.79 was lost, ADA tumbled to a multi week low. Prices fell nearly -30% in just under a few hours.
The bottom wick bounced off the long term trend as the 4 hour candle managed to close above the mid term trend that has been respected for a few weeks. At the time of writing, ADA is attempting to break above its major resistance zone of $2.51.
Cardano Price Analysis: ADA/USDT 4 Hour Chart
ADA Intraday Analysis