Bitcoin price failed to surpass the USD 45,000 resistance level, while news from China banning crypto trading accelerated the plunge. BTC is currently trading at $41,595.35 and is down by 4.5% in a day.
Besides, most major altcoins are accelerating lower. Cardano is the only altcoin strongly holding the crucial levels.
Cardano Price Stay Strong While Major crypto plunge
The cryptocurrency market began this week on a bearish note, as the Evergrande crisis soured investor sentiment. Cardano, on the other hand, was able to bounce back swiftly after a crash. The currency rate dropped below $2 before rising above it. Despite not being able to break through the resistance, Cardano price has been able to maintain strong support. ADA token became the world’s third-largest digital currency last month.
Cardano’s price still has a ways to go before it reaches the pivot point at $2.37, where a rise can confirm a bullish trend. However, if more sellers enter at this moment, we can expect the price to fall to $2.16, which is the immediate support.
The ADA bulls must target to close the day above the 50-day SMA. This move is bound to encourage more buyers to join the market, creating enough tail force for elevating ADA past $2.5.
A strong overhead push on ADA, on the other hand, is causing the least resistance path to be downward. We can expect the bearish leg to stretch to $2 if uncertain and delicate support at $2.2 fails to hold.
Cardano allows you to create a Dapp ecosystem based on NFTs, however, because the Cardano team isn’t interested in Cardano ecosystem-based NFTs applications and also has some traditional characteristics, you won’t be able to handle the ecosystem fully.
Yoroi Wallet is an essential wallet built on the Cardano ecosystem. They verified in a recent tweet that Yoroi users will be able to recover from the problems that were in the previous version.
Yoroi’s new upgraded version 4.7.300 will fix the problems, and users who have maintained a minimum ADA amount will see their balance in the wallet. There’s also a dedicated asset tab for collectibles. Users should be required to preserve the mining ADA balance, according to the team.