Cardano (ADA) Could Fall To New 20-Month Low As Crypto Crash Worsens

Cardano (ADA), the eighth most valuable crypto ranked by market capitalization, is experiencing its biggest single-day drop in two months as the ongoing crypto crash wipes off 11% of Cardano’s value.

Cardano (ADA) Drops to $0.4

The crypto market crash continues on Monday, September 19, with Cardano (ADA) suffering one of the biggest losses. The price of Cardano has tumbled by 11% in the last 24 hours to fall as low as $0.4344.

ADA graph coinmarketcap cardano crypto token

The 7 day  price chart for Cardano (ADA). Source: CoinMarketCap

ADA’s price crash comes amidst a broader, global economic crisis. Soaring inflation has caused central banks to raise interest rates, leading to a ripple effect that has taken a huge toll on the crypto and stock markets. 

Last week, the stock markets experienced their steepest weekly decline since June 17th. In the last 24 hours, the stock markets are down nearly 1%, as the U.S. Federal Reserve prepares for what could be the highest interest rate hike in 40 years.

Is It About to Get Worse for Cardano (ADA)?

Veteran trader Peter Brandt highlights that Cardano (ADA) is exhibiting a bearish continuation pattern, which mimics the pattern seen in Bitcoin (BTC) preceding BTC’s 50% crash during the 2018 crypto winter. 

Brandt predict significant further decline for ADA in the coming days. If ADA drops in value by 50%, it could hit levels of $0.22, last seen more than 20 months ago. Brandt wrote on Twitter:

The veteran trader’s analysis of ADA comes less than a week in advance of Cardano’s much anticipated Vasil hard fork. In relation to the upgrade, Charles Hoskinson announced that a hard fork combinator request has been submitted and successfully accepted. 

On the Flipside

  • Cardano (ADA) holders are looking forward to the 8-and 21-day simple moving averages (MAs) which many are looking to with hopes of forming a post-rejection that could drive the price of ADA above $0.52.
ADA USDT cardano crypto token

Why You Should Care

The Cardano (ADA) crash mirrors that seen in the rest of the crypto and stock markets. Despite this, supporters remain hopeful that Vasil, which is in the final stages before implementation, can turn the tide for ADA.

Recent Developments as Cardano approaches Vasil:
Eight Leading Exchanges Upgrade Their Systems Ahead Of Cardano’s Vasil Hard Fork

Hoskinson’s responds to critics about the centralization of Cardano below:
Cardano (ADA) Founder Charles Hoskinson Says He Cannot Change ADA’s Supply Or Force The Vasil Hard Fork

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).