Forgotten Gem? Cardano (ADA) Price Bottom May Be Here
2024-12-29
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Just a month ago, Cardano ADAUSD, the popular cryptocurrency of the same name blockchain and currently the ninth largest digital asset, was all over the news as its price rose more than 300% in less than a month. The ADA price then peaked at $1.3263 per token in early December, but the following days of the last month of the year were not as festive for the popular cryptocurrency.
By now, the price of the Cardano token has fallen to $0.9, and at one point the drop was 40% of the recent high.
It is logical that when the November rally in ADA ended and the token began to correct, the price drop was accompanied by a decrease in market participants' attention to the asset.
Cardano lacks attention?
In the crypto market, attention can generally be considered as fuel, which, as it is accepted in the main identity of the economy, is a limited resource amid the unlimited demand. Attention flow is probably one of the most important components for the favorable existence of a particular cryptocurrency, and its absence sometimes painfully affects the price performance.TradingView">
In the case of Cardano, the sentiment of crypto enthusiasts was already far from positive, with ADA often referred to as a "dead dino coin" that no one was interested in. Generally the same slogans accompanied its rally. And now that the price has fallen 40% in a moment, it is no longer even being paid that much attention to.
Blessing in disguise for ADA
However, this is probably the moment when the ADA price found its bottom, far from the light of the crypto market.
So, after getting a reaction from buyers at $0.762, Cardano performed a literal approximate Fibonacci retracement, where this price point was 0.618 level, touching which is considered a healthy retracement. Since then, ADA has added almost 25%, and over the past three days, it is up 7.2% against Bitcoin BTCUSD and 4.2% against Ethereum ETHUSD.CoinMarketCap">
It can be said that the Cardano token is now showing real strength against major cryptocurrencies, as if teasing round two for the rally amid the lack of any attention and discussion.
Does this mean that when Cardano will be talked about again, it will be a signal to sell though?