Over the past two weeks, Cardano’s price has experienced a significant decline due to bearish sentiment that has taken over the overall cryptocurrency market. During this period, there was a notable decrease in the value of Cardano, with the price dropping by almost 10% from $0.38 to $0.34. However, the coin gained strength and is now trading at the $0.37 level.
Based on the data from IntoTheBlock, there is a prediction that ADA may drop to around $0.30 in the upcoming days. However, it all depends on ADA breaking below the crucial support level at $0.35.
Within that price zone, approximately 127,000 investors who purchased a total of 1.17 billion ADA at an average price of $0.35 are likely to intervene in an attempt to prevent further decline. However, if the bearish scenario unfolds as anticipated, the price of ADA could potentially drop as low as $0.30.
Cardano’s Ecosystem Thrives
Cardano’s decentralized finance (DeFi) sector is gaining momentum as the ADA-backed stablecoin, Jed, unlocks new opportunities within the explosive ecosystem. According to a tweet from IOHK, the essential Cardano development update is live, providing detailed information on the ongoing development progress. The numbers shared are impressive, with 1,240 projects currently in development and a record-breaking $66.3 million in transactions. Additionally, 126 additional projects were launched during the week, showcasing the continuous growth of Cardano.
In another tweet from Taptools, a provider of metrics on Cardano, it is revealed that Cardano has generated over 457.99 million social engagements in the last seven days. Santiment data shows that Cardano has maintained approximately 2% of the conversations in the crypto space throughout March and April, indicating strong interest and engagement with the project.
Source: https://coinpedia.org/altcoin/cardano-price-analysis-ada-price-poised-to-drop-below-0-30-in-coming-days/