Cardano’s ADA price has a good chance of plummeting to 15% on the crypto market at any time. The bearish trend was because ADA is now trying to find stable support to begin a new price swing.
As per a source, if the price downturn momentum captures ADA, the Cardano community could anticipate the cryptocurrency to drop below $1.26. However, now is a critical time for Cardano to develop its crypto weaponry to improve.
Apart from the expected $1.26 sharp drop, it is worth noting that ADA is still a danger of more losses if it fails to find important support the next day.
In the meantime, on November 24, the price of ADA soared to $1.72. Since then, it has continued to fall by more than 13%, reaching a new swing low of $1.48. According to the research, the Arms Index (TRIN) – a mechanism that measures all market mood — indicates that there are now more sellers than buyers in the market.
This might be the reason why Cardano’s performance has continued to deteriorate in recent months. However, many others also blame Cardano’s current downturn on the eToro exchange’s move to remove ADA after a previous sell-off.
However, it is not too late for Cardano to re-enter the market with new price performance. If bulls opt to purchase and trade more ADA, the cryptocurrency might gain significant support and see a fresh price explosion. Cardano (ADA) is now trading at $1.51 on CoinMarketCap, with a 24-hour volume of over $1 billion.