In many aspects, cryptocurrencies are designed to be decentralized, which is a basic necessity of the technology. Similarly, a few cryptocurrencies, such as Cardano (ADA) price, have departed from the current Bitcoin price drop.
Furthermore, even though macroeconomic prospects are not favorable, the Cardano support level is anticipated to remain rather firm. Analysts view this as a positive pattern when Bitcoin is at its bottom in recent days.
Bitcoin has lost over 6% in the previous 24 hours, hovering slightly above the $22,000 level. On the contrary , at the moment, Cardano’s price is up by roughly 10%. The currency’s value appears to have seen a tiny glitch, according to technical indications.
According to trader Sheldon Sniper’s estimate, the Fed’s probable disclosure for tomorrow about interest rate hike will also influence Cardano. He also mentioned the overbought indication on the StochRSI on the four hour chart.
Caradano Price Flash Positive Signal For The Short-term
Cardano support was around $0.45 on Monday. The price rebounded upward to the next barrier level, which was about $0.50.
More crucially, Cardano is unlikely to fall much in the near future. As the next support level is expected to be about $0.40 or $0.45.
As per CoinMarketCap, the ADA price is currently trading at $0.49, up by 4.48% in the previous 24 hours. In contrast, Bitcoin is currently trading at $22,550, with a decrease of 5.46% in 24 hours.
Twitter’s Cardano community site name, Cardanians proposed various factors for the coin’s potential to resist the present market correction.
According to them, the Cardano project has all it requires to function. People, corporations, and governments are all interested. They believe in this because Cardano is functioning in developing countries. Also Dish, a Fortune 500 company uses ADA. They are of the opinion that Cardano is a mission-oriented project and is not dependent on price.
So what do you think? Will Cardano’s price action follow Bitcoin? Let us know your views.