Cardano price plunges 10% as sell-off hits the crypto market
ADA price could yet recover to target highs of $3.50 despite the sell-off to lows of $2.58
The price of Cardano (ADA), the third-largest cryptocurrency by market cap, has plunged 10% amid widespread selling pressure in the crypto market.
ADA price currently trades around $2.59 and is vulnerable to further declines if the sell-off pushes Bitcoin (BTC) towards $50,000 and Ethereum (ETH) towards $3,700. The two leading cryptocurrencies by market cap have declined by 2% and 6% respectively.
Across the market, major coins like XRP, Binance Coin and Dogecoin have seen significant losses. The top ten are all in the red, except for Solana (SOL), whose parabolic rally to a new all-time high sees it remain about 24% higher over the past 24 hours.
The overall picture looks bad, with potential downside flips below $50,000 for BTC and $3,700 for Ether likely to catalyse new losses across the market. In contrast, an aggressive rebound by the bulls could cushion the market against downward pressure and set the scene for fresh upside.
ADA/USD
For Cardano (ADA), the downside follows what on-chain data tracker Santiment observed as increased chatter and FUD regarding the cryptocurrency’s “capability” for “integration with smart contracts”. Notably, ADA price rallied to an all-time high of $3.09 after the smart contracts rollout on testnet on 2 September. However, the coin’s price has faced bearish pressure as shown on the chart below.
ADA/USD daily chart. Source: TradingView
The technical outlook shows there are two critical price levels investors might want to keep an eye on. In the case of bulls, ADA/USD needs to retest key price levels above $2.73. If the price moves above $2.84, the next target would be $3, then $3.50.
The bears, on the other hand, might want to see ADA/USD flip lower. The main price level to watch is $2.52 as an extension of the downward path could invite sellers to target $2.20.
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Benson Toti, @KhareemSudlow