Cardano’s (ADA) prices look bullish, as they make a U turn on Monday after negative economic spikes coming from China. This has made crypto traders nervous.
In addition, many major corporations are exiting Russia, including McDonald’s. These factors all contribute to increased risk sentiment, making it difficult for major cryptocurrency cryptocurrencies to rise in price.
This could be bad news for ADA, as it is at risk of a 32% correction. It is also a sign of a declining trend for the next quarters, as negative sentiment has grown tremendously.
The crypto trades at $0.560514 as of Wednesday on Coingecko. This is down 10% over the past seven days.
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ADA: Nosedive Price Below $0.40
Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon.
The ADA Price is headed for a sharp decline below the $0.47 price level or the low end distribution zone. It could even drop to $0.38.
Positive news is the fact that, thanks to developments in global economics as well as the Cardano Community, trading on the first day of the week showed promise for recovery. The ADA price may rise to $0.687 or even $0.915.
Source: TradingView.com| Source: TradingView.com
Cardano saw a dramatic drop over the week but managed to bounce back and hit $0.613 in May 16. Cardano has been regaining its gains by 4%.
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The weekend showed that it had a three-day bounce. Cardano’s whale activity indicated that the price had shifted.
Cardano TVL stands at $174.74 Million. Now, it may seem like the increase is totally insignificant but it’s a winning jump since it has been steadily declining from its peak TVL of $434.74 million in the first quarter or March 28.
Cardano is different from the other alts. These people pay money to do such things. Cardano Community does this out of love and respect for the ecosystem. It’s all about marketing. We have three million members and it is growing. https://t.co/cRdnmGZPZz
— Charles Hoskinson (@IOHK_Charles) May 16, 2022
Cardano Flag On Mount Everest Summit
Charles Hoskinson (Cardano founder) is proud of his achievement at the summit of Mount Everest. The community’s support was an overwhelming joy to him. His remark saying “we got marketing,” definitely speaks volumes of his optimism despite the downward trend that ADA has displayed the previous days.
Cardano’s CEO, Cardano, is proud of the community that has 3 million members. This number continues to grow. Cardano’s native tokens reached 4.7 million.
Cardano was also able to secure $20 million more funding than Mary 13. Its TVL has jumped from 18 million a few days ago to $137 million on May 16 – that is a 6% change of TVL in a matter of 24 hours.
Featured image by Coinbase. Chart by TradingView.com