Cardano: What a good or bad April depends on after ADA’s 5% crash

position as the 9th most valuable cryptocurrency might be at risk. For many, this could be because of the price action which AMBCrypto agrees with. But there was more to this than the value of the token., only 6% of the ADA holder composition appeared in the last 30 days. Around 27% of the total holders bought the token within the past 12 months while 67% were long-term faithfuls.

In the last 30 days, ADA’s price has decreased by 17.84%. It got worse as the cryptocurrency failed to defy the broader market nosedive, decreasing by 5.34% in the last 24 hours.or adoption alone. Instead, the token was finding it hard to keep some of the already-existing holders from exiting the network.that those who hold between 10 to 10,000 ADA tokens have been decreasing their balance. A further assessment of the balance of addresses showed that whales were not left out.

The ADA/USD 4-hour chart showed that the recent crash forced a loss of the $0.59 underlying support. Besides that, there was an overhead resistance at $0.68, formed on the 26th of March. Indications from the Moving Average Convergence Divergence showed that the momentum was bearish. With increasing volatility displayed by the Bollinger Bands , Cardano’s price could plummet as low as $0.54.Furthermore, the BB revealed that a bounce for ADA could see its price extend toward $0.65. But that would require a lot of buying pressure which the token

However, the bearish thesis for ADA might not drive to a yearly low. In January, the price of ADA dropped to $0.49. While further correction could be possible, the token might evade falling to the region.Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter.

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