Cardano Price Enduring Bearish Trend, Retrace From $3 High
2022.05.27 16:51
Cardano Price Enduring Bearish Trend, Retrace From $3 High
- The total value of Cardano has plummeted in May.
- Cardano is still enduring the crypto market’s bearish trend.
- The “Ethereum-killer” has broken below $0.50, posing a greater risk of a 50% correction.
In the last week of May, the total value locked of Cardano fell as dApp interest and a worldwide cryptocurrency market downturn reduced investor enthusiasm. ADA has just dropped below the $0.50 support level in recent hours, implying a potential 50% decline to $0.25.
A breach of $0.40 is required to invalidate the current uptrend scenario. If the bears can breach this level, the $0.20 mark could be reinstated, resulting in a 60% drop from today’s ADA price.
In a recent tweet by Dan Gambardello, he said Cardano (ADA) has been one of the top altcoins throughout 2021, but the token has seen a sharp drop in value in May. The total value locked in
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