- The Cardano value dropped significantly on Monday as the market sees intensified fear.
- The plunges coincide with the total global stocks sell-off.
- The altcoin approaches a vital support level in the daily price chart.
The Cardano (ADA/USD) value plunged considerably as wary traders exit their crypto investments. Keep in mind that the entire crypto market struggles due to inadequate market sentiments to trigger price movements. ADA dropped for two consecutive days, falling to its lowest mark since 22 June. With the sell-off, the altcoin saw its market cap hovering above $33 billion.
Cardano is among the leading blockchain project established by one of ETH’s co-creator. The platform aims to decentralize most procedures in institutions and various firms. For instance, finance firms such as banks may utilize Cardano to decentralize the KYC and AML protocols. Also, schools can issue certificates through decentralized systems.
Recently, Cardano made headlines after announcing its plans to launch smart contracts. That is a somewhat longer process incorporated in the platform’s Goguen era of upgrade. After completion, ADA would be a sound ETH alternative as far as DAPP development is concerned.
The Cardano losses come as the overall crypto market remains weak. Keep in mind that the total cryptocurrency market capitalization dropped by over 7% over the last 24 hours (stats from CoinMarketCap). At the moment, BTC has plunged beneath $30,000 as ETH’s price hovers at a vital support level.
The recent losses come after the nerve-racking statistics about the Delta virus. Coronavirus cases rose globally in the last few days.
The worst thing is that around 60% of the admitted victims are unvaccinated. That is according to reports by Sky News. For now, the chances of the COVID cases rising are high.
With the magnified fear, Cardano saw its price plunging in a global assets’ sell-off. Remember, the greed and fear index drop to its lowest zone since the start of the pandemic. At the moment, the global stocks experience steep sell-offs.
ADA Price Predictions
The daily price chart shows that the Cardano network had a critical event on Monday. The altcoin had its value dipping beneath the 200-d MA. Keep in mind that ADA has never been that low since June. That signals bearishness overtaking the market. The asset will affirm the bearish mood by moving beneath the $1.2262 support.
Stay around for more updates.