Oct 12, 2022
VOT Research Desk
Market Insights & Analysis
Cardano’s price movement Market tremors caused by cable cause a 7% meltdown.
Regarding the BoE intervention that caused a significant selloff and investor exodus, the ADA price is confused.
As the bearish triangle continues to function, downward pressure intensifies.
Investors are avoiding Cardano (ADA) because to its poor performance this week, which saw all of October’s gains vanish and be replaced by significant percentage losses. Given that the price action was once again supported around $0.384, there is now greater than ever a risk to the downside. Given that the geopolitics and current market dynamics are not likely to alter anytime soon, it is only a matter of time before that level will be broken.
Cardano’s price action declines by more than 7% just in two days, marking this month’s worst performance and wiping out all profits made thus far. For traders and investors who must be becoming annoyed with frequent squeezes, this is a major setback. The numerous tests and rejections on that downward trend line, however, are the clearest possible warning indicators.
Even if it would be a stretch, a full recovery might be possible, for instance, if the BoE ups its game and returns to the market to support the supply of bonds. The markets would breathe a sigh of relief at that and witness a risk-on surge across the various asset classes from the financial markets. With a 10% increase, cryptocurrencies would see a boom. A double top at $0.427 can be in the cards, depending on the cause and shift in the markets.
