ADA Falls Sharply on Broad Crypto Market Decline
Cardano (ADA) experienced a 7.5% drop in value on Wednesday as its price fell to as low as $0.56 per token. The decline occurred during a broader sell-off in the cryptocurrency market, possibly triggered by concerns over the SEC’s potential rejection of spot Bitcoin ETFs and macroeconomic factors.
Potential Near-Term Downtrend But Recovery from 50DMA
Despite poor US economic data and the Fed minutes release, there was no lasting impact on crypto. ADA did show a strong recovery from its 50DMA, introducing uncertainty about its immediate direction.
Long-Term Outlook Remains Positive
Analysts remain optimistic about ADA’s price outlook in the long run. Some see a retreat to $0.50 as a buying opportunity, expecting recovery above $1 within the year. However, investors are warned that cryptocurrencies involve high risk.
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