Cardano Price Prediction as $50 Million Celsius and Robinhood Sell-Off Approaches – Will ADA Dump?
The price of Cardano (ADA) has dropped by 2.5% in the past 24 hours, with the altcoin failling to $0.281341 ahead of delistings on Robinhood and Celsius this week.
ADA remains up by 9% in a the past week, but is down by 24% in the last 30 days while up by 14% since the beginning of the year.
Today's fall highlights a very real danger for ADA at the moment, which is that its classification as a security by the SEC in the regulator's recent legal actions will lead to further exchange delistings, at least with platforms that serve US-based customers.
However, it's possible that the Robinhood and Celsius delistings have now been priced in by the market, meaning that no further falls are likely, with Cardano's fundamentals helping to lift it back up in the longer term.
ADA's indicators are in a weak position, although it's not entirely out of the question that they and the altcoin mount some kind of recovery in the coming days.
ADA's relative strength index (purple) slipped to 40 yesterday, indicating strong selling pressure, although there are some very modest signs of a slight recover today, potentially as a precursor to gains.
On the other hand, the altcoin's 30-day moving average (yellow) is sliding downwards today after spending a few days recovering towards its 200-day average (blue), with the possibility of a further decline to come.
As negative as this looks, ADA's support level (green) has show a slight increase in the past week or so, suggesting that the altcoin has fallen as far as it can at the moment.
Indeed, ADA did actually witness a very small recovery from $0.281 to $0.284 this morning, even it has subsided again and is still down in the past 24 hours.
This raises the question of where exactly it will go today once
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