The post Will Cardano Price Crash 30%? Analyst Says Analysis Looks ‘Grim’ appeared on BitcoinEthereumNews.com.

Cardano price could sharply decline to 30%, as an analyst’s recent assessment reveals a ‘grim’ outlook. The bearish outlook for ADA price comes days after the conclusion of the Dubai Cardano Summit, in which sessions discussed the role of this network in building a more secure and functional blockchain ecosystem. Despite the bearish outlook, the ADA price has been up 0.4% in the last 24 hours and is trading at $0.3344. Cardano is also down 8.9% for the week, and its 24-hour trading volume of ADA is down 14%, signaling a recent drop in market activity and further confirming the bleak future in store for the price of Cardano. ADA/USDT Price Chart Why A 30% Cardano Price Crash Is Possible A crypto analyst Skinny has said the price of ADA looks ‘grim’. He noted that Cardano has not yet hit the bottom against Bitcoin (BTC) or Tether (USDT). He noted a bearish continuation in the price charts and predicted the next stop at $0.23. This marks a 31% Cardano price crash from the current value. Meanwhile, the rest of the crypto market is green as BTC price sustains above $67,500. The current market sentiment for Cardano is largely bearish, as traders remain cautious of the current price action. Data from Santiment shows ADA social volume has been dropping since October 24. This indicates a diminishing public interest in Cardano, which can precede a price decline.  Furthermore, the Cardano funding rate has mostly flatlined since October 14, while on October 22, Open Interest (OI) dropped to a five-month low. A stagnant funding rate suggests the market sentiment hasn’t shifted significantly in either direction. Surprisingly, the OI dropped around the Buenos Aires Cardano Summit, in which Founder Charles Hoskinson said ADA will overtake Bitcoin and Ethereum in a decade.  The dropping OI…

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Filed under: News - @ October 28, 2024 5:23 am