Cardano (ADA) is not looking very well during the recent developments in the cryptocurrency market, which has been quite negative. ADA has been gaining traction in the past weeks and has managed to break through key resistances effortlessly. However, recent turbulent corrections have dropped ADA well below its main support.
Cardano at August Low
Posting a 13% drop on the last 24-hour chart, Cardano became one of the highest losing assets in the current correction phase. Among the top 10 crypto assets by market cap, ADA ranks second in terms of losses over the last 24 hours, with Dogecoin (DOGE) at the top of the list, down 14%.
Currently trading at $0.44, Cardano has lost both major support zones with a single drop, with the levels at $0.55 and $0.50. ADA peaked on August 14 at $0.59, the highest it has seen since June 11. However, in just five days, the asset saw a steep 20% drop from this value to its current price of $0.44. This represents the ADA’s lowest value in August.
This decline also shook Cardano’s place in the list of the most valuable crypto assets, and altcoin He lost two rows hard. ADA has lost its place to Ripple (XRP) and Binance USD (BUSD).
In addition to all these developments, with the developments in the long-awaited Vasil hard fork, the price broke important resistances at the $0.50 and $0.55 levels in less than three weeks. The next target in price was at $0.60.
However, after the recent declines, there will have to be a really important development to test these levels, and these positive developments are generally cryptocurrency may appear in the market. The expected Vasil hard fork date on the Cardano front is still unclear, but the arrival of this update can create a positive outlook and even challenge the markets by creating a higher-than-expected impact.
Although the update in question was frequently criticized on social media and emphasized that it had shortcomings, Cardano founder Charles Hoskinson made a statement stating that there was no problem. Details on this topic this You can find it in our news. Santiment shared that there is a positive outlook on the asset.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.