Cardano Price Prediction as ADA Drops Out of Top 10 Crypto Rankings – What’s Going On?
ADA has fallen by 1% today, with the Cardano price slipping to $0.6044 as the wider market also declines by 1% in the past 24 hours.
Cardano’s drop has seen it fall to 11th in the market cap rankings, with its former place now occupied by Toncoin, which has been on a rampage thanks to Tether partnership rumors.
And while ADA remains up by 3.5% in the past week, it’s actually down by 10% in a fortnight and by 17% in the last 30 days.
However, its fundamentals are as strong as ever, and with the market potentially close to another bull run, the Cardano price could rally again soon enough.
Despite today’s slip, Cardano’s chart and indicators remain in a relatively promising position, with the coin potentially on course to rebound again very soon.
After dropping below 50 this morning, ADA’s relative strength index (purple) has begun modestly climbing back up.
This suggests that the coin could recover in the very near future, something which is also indicated by its 30-day average (orange).
The 30-day has moved sideways this morning, indicating that the coin isn’t that weak at the moment, and perhaps won’t fall much further before recovering.
ADA’s support level (green) also reinforces this suspicion, given that it has been rising consistently since the first week of April.
Unfortunately, Cardano’s trading volume does look particularly uninspiring, at around $400 million today.
To put this in some perspective, PEPE has a volume of just over $600 million today, while Toncoin – which has leapfrogged ADA – is at $850 million.
This means that ADA is very much an unloved child at the moment, with low demand a big part of the reason why it has slipped in the market rankings.
Seeing all the dunking on Cardano makes me smile a bit. We are
Read more on cryptonews.com
