Cardano (ADA), the dark horse of the crypto world, has been doing a decent job in the past few months, attracting many investors to its platform. The blockchain project, which boasts an impressive follower-base and well-known for its powerful development team, has witnessed a sudden setback recently. If you updated with the latest price trends, you might be aware how the currency has crashed by 32.9% within a short span of one week. Although the Cardano (ADA) investors have seen a major price drop in December 2017, this price slump has come as a surprise to many. With exciting developments like the launch of two Testnets, as well as its association with Goguen project, such a setback was totally unimaginable. As the bearish sign returns to Cardano, investors are yet to reconcile to its impact on the market. If you are still wondering what’s going on with this cryptocurrency, here’s the full story.
Cardano (ADA): A Promising Blockchain Project
As a non-mineable cryptocurrency, Cardano (ADA) is widely considered to be one of the promising digital currencies. Often recognized for its status of being the first scientifically-based blockchain project, the platform offers some unique benefits to its investors. Apart from its highly advanced technological features, the project also boasts top-notch security features, as its code is written in Haskell language, one of the best coding algorithms. As you may be aware of, the Haskell language is based on the Ouroboros protocol, which is well-known for its proof-of-stake consensus mechanism and its updated Daedalus wallet. What’s more, Cardano is supported by some of the best teams in the crypto community – IOHK, Emurgo, and the Cardano Foundation, all of which are striving to make it one of the best smart contracts- based cryptocurrency platform.
The Bearish Sign Returns for Cardano
As evident from the previous price records, Cardano was all set to hit the moon with a number of notable developments. Last week was devastating for Cardano investors as the currency reversed its bull run, which began at the beginning of April. While most investors were hoping for a long-term bullish market, Cardano disappointed its users with a shocking 32.9% drop. Discernibly, this is the second time the coin has witnessed such a price drop, the first one occurring in December 2017. While the first downtrend was not entirely Cardano’s own fault as the entire crypto market was down with a bearish trend, the second drop was a severe blow to the investors since it was unexpected.
What Is the Reason Behind the Sudden Price Drop?
Due to unexpected price movements, some of the well-performing currencies have witnessed a dreadful week, with price dropping by major percentages. Speaking of the worst performers in the market, mention must be made of Cardano (ADA) as it featured among the top losers. As per the price records, Cardano led the downtrend in terms of its last week’s performance. The steep decline of Cardano’s price, wherein the coin has dropped -32.40%, has resulted in a catastrophic drop in the market, sending many top-performing coins in the red.
Reflecting on the sudden price drop, price analysts have suggested that the decline can be directly associated with the news from South Korean exchanges. As per the reports, one of the most influential exchanges in South Korea, Upbit made headlines for investigations based on alleged frauds. This is the primary reason why Cardano, which has shown signs of an upward push, has declined steeply over the last week.
Cardano’s Forecast: Will Cardano Rebound From Its Bearish Trend?
The bearish trend, that took the ADA community by surprise, could have been a massive setback for the ADA community, but much to the traders’ relief, the bearish trend slowed down, indicating signs of a slow but steady recovery. The rapid decline in the prices last Friday, which closed the week with an 18% slump, has slowed down subsequently, allowing ADA to mitigate the incurred losses. Going by the price movements, the coin traded in bear sentiment during the Asian trading hours, and the 24-hour decline is tantamount to -7.6% over its earlier position. The price dropped to $0.24 against the US dollar on all the popular exchanges.
The downturn could have reversed all the progress made over the last month, but the cool-off spared the currency from any severe long-term damages. As for Cardano traders, the bear run concluded on a positive note, the price moving up by 4.52%, taking the price of ADA to $0.26. While the general sentiment of the Cardano market is still bearish, traders would be glad to know that the coin is heading towards a recovery, as the upside push can continue to benefit the investors if the support lines are formed above $0.25. Trading at $0.270667 at the time of writing, Cardano (ADA) has moved up by 0.22% from its previous position, signaling further price stability. With the bull showing signs of a comeback, the tables could turn on Cardano, especially if the upside movement continues to be present during the European trading hours.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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