The sixth most valuable crypto by market value in the early hours of Tuesday recorded heavy losses amid record profit-taking in the cryptoverse.
At the time of writing this report, Cardano traded at $1.527966 on Bitstamp, posting about 13.24% for the day.
Such a spiral fall pushed Cardano’s market value to about $53 billion, or about 2.24% of the total cryptocurrency market value. At its highest level, Cardano’s market value stood at $57 billion.
For the day Cardano traded between $1.525797 to $1. 822552. For the week, the sixth most valuable crypto by market capitalization has seen its value rise by about 23%.
In addition, crypto experts frown at the fact that Cardano doesn’t have smart contracts, yet. This further suggests that if Cardano bears take control, a break below the $1.5 support area might spell immediate trouble for investors with Cardano falling low as $1.25. However, recent price actions reveal Crypto bulls might once again come to ADA’s rescue here.
The fast-rising crypto offers a proof-of-stake blockchain system that permits inventors and blockchain developers to bring about positive global change.
Recent chart patterns on the daily chart reveal the bulls are fighting the battles of their lives holding around $1.5, as Cardano broke below $1.7875 momentarily amid record selling pressures. Still, some market experts anticipate such a price level might momentarily attract Cardano buyers.
Cardano (ADA) in the past few months has been tipped to outperform on the bias that it has become more attractive via its recent upgrade for developers in building their desired apps.
Cardano is a type of blockchain that permits people to receive and send funds. ADA coin is the name is the cryptocurrency. It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.