Yet again the days appeared to have rolled back to May as a similar crash was witnessed then. Most of the prices were slashed to half then but currently, the crypto space did not undergo such extreme conditions. However, to everyone’s surprise, Cardano price despite the huge slash still remained above $1, while BTC price & ETH price dropped below $45K and $3800 respectively. ADA price remaining above $1.3 showcases the immense strength of the crypto during the dip.
Cardano began trending in a very narrow region after the launch of Alonzo Hard Fork in September 2021. Each attempt of smashing through the upper resistance failed, yet the support levels stood strong. And hence may assume the asset is slowly transforming into a stablecoin as the asset remained away from the market sentiments. However, in the times when the market drops significantly, the narrow trend of ADA held the asset strong.
The price went to be stable since September for nearly a couple of months. However, it attempted to slice through the strong resistance levels multiple times but failed. Yet since mid-November, the price began sliding and the recent crash dragged the price below. The ADA price was about to revisit the strong support levels around $1 but flipped well before.
Coming to the fundamentals, many applications are lined up to be built on the platform in the upcoming days. And hence despite the silent trend of the market, yet Cardano could manifest a bullish trend. However, ADA price could retest $2.3 levels soon after slicing through the important resistance levels around $1.88.