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NewsBTC 2021-09-17 18:00:15

Cardano Trends Down, ADA In Danger Of Sliding Back To $2?

Cardano has had one of the best performances in the crypto market during 2021. The cryptocurrency scored major milestones and climbed its way up the ladder of the crypto top 10 by market cap. Currently sitting at the third position, after surpassing DOGE, XRP, BNB, Cardano (ADA) trades at $2,37 with a 2.1% loss in the daily chart. In the weekly chart, the third crypto by market cap records a 5.8% loss. Analyst Justin Bennet has been closely following ADA’s price action. The cryptocurrency has seen a lot of movement during September with a significant pullback on the 7th, followed by a relatively quick recovery into the high area of its current levels. At that moment, ADA stood at around $2.70 with support at $2.60, $2.47, and $2.30. As Cardano continues its downtrend, the final obstacle for the bears stands at the latter support mark. Related Reading | Cardano Sees Over 40,000 Smart Contracts Deployed 4 Days After Alonzo HFC, How This Affects The Price Bennet claims that if this line of defense is lost, ADA could rapidly drop to $2. The cryptocurrency recently saw the “intersection of ascending channel support and a horizontal level” since it started its recovery after the crash on the 7th. The analyst said: I still think there’s a good chance we see ADA trade to $2 this month. However, as I’ve said for the last week, it’s going to take a daily close below $2.30 to confirm the breakdown. Alternatively, if the bulls retake...

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