One of the most common things to happen with cryptocurrencies is the price correction, as over the time the price of a coin can vary in remarkable ways to the point of even reaching a value of thousands of times above or below the original price. In this sense, taking into consideration the general performance of the market over the last eight months, many cryptos have had corrections, and in some of the cases, those corrections have reached the highest value that at a certain point the crypto had.
That is precisely the case of Cardano (ADA), the ninth largest cryptocurrency of the crypto verse by market capitalization. At the time of writing Cardano (ADA) has a price of $0.08838, a trading volume of $70,272,522, and a 5.17% price decrease in just the last 24 hours.
And it’s worth to mention that compared to the value that the coin had at the beginning of the year back in January, the current value of the crypto is 95 percent below its original… A dramatic change, to say the least.
But what can we expect from Cardano in the following days? Would it be possible that it continues the fall? If so, what will be the future of the coin? Let’s see the main details behind this.
According to ADA/BTC charts, Cardano is actually at the end of its correction after a long period in which it was trading in a pitchfork, and also in a falling wedge.
In this sense, even RSIhas been trading in a falling wedge, and apparently, it may take the breaking point anytime soon. Nonetheless, we should expect more corrections soon, and that could mean that Cardano (ADA) may even reach a 100 percent correction before the end of the third quarter, a moment in which a new era would start for the crypto.
On the other hand, in accordance to ADA/USD charts, it results evident that the token has fallen to the support line of the 0.08 dollars, support that earlier was tested by a weekly candle, but that shortly after bounced back resulting in the construction of a hammer formation. Nevertheless, the crypto didn’t manage to keep its strength, and the price just plunged again as the market did.
The price is actually forecasted to break at the end of September, but one of the most remarkable things is that despite the drastic falls that the ADA has experienced, this hasn’t been interfering with the position that the token occupies in the market. Funny ha?
Cardano (ADA)has still a lot to give concerning developments and its purpose, so despite reaching a 100 percent correction, we can be sure that there’s a lot to come for the crypto in the coming months.
Let’s recall that Cardano was founded by the once co-founder of Ethereum (ETH), Charles Hoskinson, a businessman who basically decided to improve all of the things Ethereum has not to date.
In this sense, Cardano has proven to be better than Ethereum already regarding what the blockchain has actually to offer. So stay tuned exciting things might be coming.