The cryptocurrency markets continue to struggle, with Bitcoin showing no signs of improvement. In addition, there has been a big sell-off in the last 24 hours, indicating a price drop. Bears were also putting pressure on altcoins. While the market structure appeared to point to a possible bullish breakout, the price continued to tumble, making a breakout improbable in the near future.
Cardano price moved in a band of $1.22 to $1.30, but the bulls were unable to push the price higher, and a new higher bottom was established.
As a result, there’s a chance that the current bearish momentum will send the price below $1 in the next few days.
It is necessary to break over the $1.27 barrier level. The gates at $1.32 and $1.35 will then open.
The alt’s price may revert to the last significant support level of $1.19 due to the crypto’s lower volumes. Cardano price needs to close below $1.20 on a daily basis to confirm the negative outcome, which it hasn’t done in the last two days despite intra-day sweeps below the level.
The MACD line was still above the Signal line, implying that the bear market would continue.
Cardano Blockchain Successfully Upgrades To Alonzo White
The Alonzo White hard fork is successfully executed by Cardano. Smart contract capabilities will be enabled as a result of this. Members of ProjectCatalyst and more Plutus partners will also be joining the network, according to the company. Following this release, many people expect ADA’s potential and utility to skyrocket.
The currency now has a bearish investor perspective, indicating that the market has a negative perception of the Cardano price. However, regardless of the foundations, a project with a large enough community can soar far above the bears’ reach. So far, the ADA group has been the most active, indicating a bright future ahead.