Cardano’s native cryptocurrency, ADA, has established new bottoms during the current crypto bear market as a result of what appears to be a significant price suppression by crypto bears.
The token has looked ready to reclaim the lost level ever since the price of ADA plunged below the critical support levels at $0.385.
Unfortunately, the likelihood of a bullish turnaround is diminishing because of the deteriorating macroeconomic environment.
The eighth-largest cryptocurrency by market value may continue to set fresh price bottoms if bears maintain their dominance, which would eventually cause it to tumble off the list of the top 10 cryptos very soon.
A market valuation estimate for ADA is $12,251,416,920. Solana (SOL), which has a market size of $10,729,149,761, is ranked below ADA, and Dogecoin (DOGE), a meme coin with a market cap of $7,864,371,303, is ranked at position 10.
The price of ADA is presently fluctuating between the 50-MA and 200-MA levels. Despite this, the altcoin’s average volume is declining, which shows that over the past few months, market players have lost interest in the project. Price of the asset has dropped below the $0.38 level and is currently trapped in a side channel.
The price of ADA is at $0.3573 following a 3.19% drop in price over the past 24 hours, according to CoinMarketCap. Cardano (ADA) price is also down 9.49% over the last seven days.
The recent release of the Vasil hard fork update raises the fundamental value of the Cardano ecosystem, which over time should result in investors once more having a bullish perspective for the project.