After remaining inert for over two months, Cardano’s price has finally shown some volatility on Wednesday. The coin holders who passionately believed in the vision of ADA are left perplexed with no significant gains. In addition, the recent dump in the asset’s value prompted traders to withdraw their shares.
Interestingly, the trading volume of the altcoin has surged by 77.79% in 24 hours holding the value of $4.6 billion. Besides, the total market cap had negative gains of 7.07% round the clock. The Cardano price after prolonged consolidation between $2.2 to $2.4, sank to $2 as an outcome of massive sell-offs.
Moreover, analytics from ByBit indicates $21.65 million worth of ADA has been liquidated in the last 24 hours.
Cardano (ADA) Price Analysis:
The chart below shows a hefty red candle highlighting the price drop from $2.18 to $2. A couple of hours ago, the ADA price has broken down from a converging symmetrical pattern. Further, the altcoin retested crucial support of $1.8, then immediately took a bearish divergence, as buyers jumped in.
The altcoin is experiencing a key correction of around $2 at the press time, and the immediate resistance lies around $2.24.
If significant numbers of buyers jump in, then the price is expected to break out from $2.4, to drive the momentum up to $3. On the contrary, if the platform fails in fixing the existing technical glitches, then it could settle down between $1.6 to $1.8.
Collectively, as the community urged to have decent expectations post the Alonzo hard-fork upgrade, traders have been holding the digital coin with their fingers crossed. As the Cardano ecosystem is attempting hard to enter mainstream to fasten adoption, soon the altcoin could leg up to new milestones.