Cardano price still struggles to break key resistance levels as one analyst’s recent statement that “Bitcoiners don’t care” about ADA sparked debates within the crypto community. This sentiment suggests a potential lack of influence from Bitcoin enthusiasts on ADA’s price movements, especially after the foundation announced a move to tap into the $1.3 trillion Bitcoin ecosystem.
Why Is Cardano Price Down Today?
ADA price is trading at $0.3415, down 4.1% in the last 24 hours. The decline is likely because Bitcoin’s price slid below $70,000 following a U.S. stock market crash that wiped out $953 billion. The crypto market is down 5.3%, and Bitcoin trades at $69,551 at 00:53 a.m. EST.
Bitcoiners Don’t Care About Cardano
A crypto analyst has said that Bitcoiners don’t care about Cardano. This negative sentiment comes shortly after the Cardano Foundation announced its most significant move yet to tap into the $1.3 trillion Bitcoin ecosystem.
There has been a heated debate on crypto X spaces. Bitcoiners claim Cardano wants to become a Bitcoin Layer 2 network. ADA enthusiasts argue this is not the case and that Cardano will remain an independent Layer 1 blockchain connected to the Bitcoin blockchain.
Since this announcement Cardano price has only lost value, leading to many in the space having second thoughts about its importance.
Joe 2.0 shared his concerns about the Bitcoin-Cardano connection noting that, among other things:
- Native BTC is not coming to Cardano because it will be a wrapped asset.
- The bridge is not “trustless” but has some assumptions.
- Cardano can’t “tap” Bitcoin liquidity in its current state.
https://twitter.com/joe4deadcat/status/1851993014974992487
One of the major concerns that Bitcoin maxis have had with other decentralized protocols is the requirement that they move funds from their wallets. This goes against the age-old crypto mantra, “Not Your Keys, Not Your Coins.” Joe 2.0 wondered whether this would be the same case for the Cardano-Bitcoin connection.
Until such concerns are addressed, Cardano price will likely continue performing poorly until the overall market changes.
ADA Price Prediction: Is A 60% Crash Inbound?
Cardano price is trending in what seems like a bear pennant, a continuation pattern. This is alarming, given the announcement of the Bitcoin-ADA connection and the most recent speculation about a potential NASA partnership with ADA.
ADA is trending near the bottom of the pennant, a dangerous zone as a breakdown could result in a 60% crash to $0.13. There is immediate support around $0.22 which could hold the price up however, if the selling pressure is too high, $0.13 remains the long-term target.
This analysis also plays into a Cardano macro-historical pattern that reveals the asset could run into a crash first before the main pump begins. The targets align closely with $0.13, further validating this current analysis.
However, this bearish thesis could be averted if bulls push the price above the pennant. The ADA price would then seek higher resistance levels around $0.5 and $0.81.
Frequently Asked Questions (FAQs)
Cardano’s price recently dropped to $0.3415, losing 4.1% in the past 24 hours. This decline is partly due to Bitcoin’s price drop below $70,000, which led to a broader crypto market downturn.
This statement by a crypto analyst highlights the perception that Bitcoin enthusiasts may not support ADA or see value in Cardano’s efforts to connect with Bitcoin. This sentiment is sparking debate, as some see it as a lack of influence from Bitcoin on ADA’s price movements.
Analysts suggest that Cardano is currently in a bearish continuation pattern (bear pennant), with a potential crash to $0.13 if it breaks key support around $0.3. However, if bulls rally, ADA could recover to resistance levels around $0.5 and $0.81.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply