The Cardano price has been under pressure as investors focus on the recent Federal Reserve interest rate decision. ADA is trading at $1.3200, which is about 46% below the highest level this year. This decline brings the coin’s total market capitalization to more than $43 billion making it the fifth-biggest cryptocurrency in the world.
Cardano news: Cardano is a leading blockchain project that was founded by Charles Hoskinson, one of the co-founders of Ethereum. The platform helps people build decentralized applications, that are commonly known as Dapps.
This is being enabled by the smart contracts that are being implemented in the Goguen era. At the same time, Cardano is helping solve some real-world problems. For example, its technology is being deployed in Ethiopia, where it is being used to decentralize the education sector.
While Cardano is solving real problems, its price action has underperformed in line with the overall performance of other coins. This is because of profit-taking, lack of demand, and the overall fear of high-interest rates after the recent Fed decision. As such, investors will pay close attention to Jerome Powell’s testimony on Tuesday.
Cardano price prediction
The four-hour chart shows that the ADA price has been moving sideways in the past few weeks. That has seen it remain inside the support and resistance levels at 1.2617 and 1.8875, respectively. The price has also dropped below the 25-day and 15-day moving averages. It has also moved below the descending trendline that is shown in black.
Therefore, the coin’s further decline will be confirmed if it manages to move below the support at$1.2617. If this happens, the next key level to watch will be the psychological level at $1.200. However, a move above the resistance at $1.4553 will invalidate this trend.
ADA price chart
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