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June 5, 2023
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Cardano Price Analysis : ADA Price Poised To Drop Below $0.30 in Coming Days

The post Cardano Price Analysis : ADA Price Poised To Drop Below $0.30 in Coming Days appeared first on Coinpedia Fintech News

Over the past two weeks, Cardano’s price has experienced a significant decline due to bearish sentiment that has taken over the overall cryptocurrency market. During this period, there was a notable decrease in the value of Cardano, with the price dropping by almost 10% from $0.38 to $0.34. However, the coin gained strength and is now trading at the $0.37 level. 

Based on the data from IntoTheBlock, there is a prediction that ADA may drop to around $0.30 in the upcoming days. However, it all depends on ADA breaking below the crucial support level at $0.35.

Within that price zone, approximately 127,000 investors who purchased a total of 1.17 billion ADA at an average price of $0.35 are likely to intervene in an attempt to prevent further decline. However, if the bearish scenario unfolds as anticipated, the price of ADA could potentially drop as low as $0.30.

Cardano’s Ecosystem Thrives

Cardano’s decentralized finance (DeFi) sector is gaining momentum as the ADA-backed stablecoin, Jed, unlocks new opportunities within the explosive ecosystem. According to a tweet from IOHK, the essential Cardano development update is live, providing detailed information on the ongoing development progress. The numbers shared are impressive, with 1,240 projects currently in development and a record-breaking $66.3 million in transactions. Additionally, 126 additional projects were launched during the week, showcasing the continuous growth of Cardano.

In another tweet from Taptools, a provider of metrics on Cardano, it is revealed that Cardano has generated over 457.99 million social engagements in the last seven days. Santiment data shows that Cardano has maintained approximately 2% of the conversations in the crypto space throughout March and April, indicating strong interest and engagement with the project.

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