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The altcoin market looked promising on Friday and Cardano was one of the exciting prospects. By Sunday, the ADA price had started trending upwards, appearing set to breach its dollar-mark resistance.
Now, Cardano news shows that the token may be headed for lower levels. Traders are eager to know what to expect from the Cardano network and founder Charles Hoskinson has shed some light on the situation.
There was a generalized surge on Friday on most token price charts, as the dovish announcement from the Federal Reserves drove altcoins up. The Cardano price reached the $0.9346 peak on Friday, before slipping back into losses.
The same trend came up early on Monday morning, as the new trading week commenced. ADA crossed its $0.95 resistance but it soon sank to deeper support levels. Market trends could improve the Cardano price, but only temporarily.
The technical indicators are all pointing at a bearish short-term, according to the latest Cardano news. The token has entered a descending parallel; ADA is trading at $0.8392, with increasing chances of falling to $0.77 and even $0.60 levels.
In other Cardano news, Cardano founder Charles Hoskinson has indicated that the future of the ADA token will be determined by the rate cuts later in September. For now, there's a lot of uncertainty around the token price.
And while the traders will be watching Cardano cautiously, there's a new avenue for investment (and massive returns) in the DeFi space. A new PayFi project is coming to upstage the existing top DeFi cryptos; in fact, it is already here.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
