The cryptocurrencies market is highly volatile right now as it is passing through a very tough period. Cardano (ADA) complies with the rest of the cryptos and shows a bearish trending. However, it faced one of the biggest losses of this year. Cardano (ADA) has lost 80% in just 2 months. What’s going on with Cardano (ADA)?
Cardano (ADA) Price
At the moment of this article, Cardano (ADA) is trading at $0.20 after declining by 8.89% in the last 24 hours. However, the problem is that Cardano (ADA) keeps on dropping day-by-day.
On March 9th, ADA closed at $0.22 and yesterday it closed at $0.20. Thus, today is expected to close slightly below $0.20.
Why is Cardano (ADA) dropping?
At the beginning of this year, Cardano (ADA) settled above $1 as it has grown almost continuously since 2017. This made investors put big money on Cardano (ADA).
However, since January 7th, Cardano (ADA) has started to drop with no real signs of recovering above $1. During this period, some investors have started to sell, in order to limit their losses.
Cardano (ADA) is also suffering because its developing team showed a big latency in implementing a strong foundation for the Cardano’s smart contracts.
Plus, the ADA is also affected by the recent news coming from the US and SEC which are implementing new regulations regarding digital assets trading platforms.
What should the Cardano (ADA) traders do?
Obviously, the Cardano (ADA) traders who would like to invest now in ADA should postpone their plans because Cardano (ADA) will be bearish until April.
On the other hand, those traders who are trading ADA/USD pair should only place “Sell” orders. However, they should keep an eye on the evolution of the trading position, especially at the end of the month, when Cardano (ADA) is expected to turn bullish.
The Cardano (ADA) chart, however, shows only a moderate bearish sentiment.
In conclusion, Cardano (ADA) has lost 80% in just 2 months being influenced by its own developing team flaws and by the news that influenced the whole cryptocurrencies market.