Cardano might take deep dive below $0.5, but important support levels are still there
Following the above correction in the crypto market, Cardano faced increasing selling pressure, losing over 11% of its value over the past three days. For now, traders are looking for the next support levels to trade.
Back to $0.4-$0.45
Unfortunately, the extremely bearish scenario is more than a possibility if ADA does not manage to hold above the $0.5 price level considering the lack of support below it.
The $0.4-$0.45 support range is not only a psychological level as traders were already using it as an accumulation point, which led to at least two short-term reversal rallies for ADA. Considering the correction sentiment in the cryptocurrency market, the next surge could be the “one” that will launch the cryptocurrency in a direct reversal.
Despite the local correction, ADA still moves in a local uptrend, which means that nothing is yet predetermined for the 15% rally we saw for the last few months.
Vasil Hard Fork Delays & Other Issues
U.Today has previously reported that Cardano is facing problems issuing the Vasil hard fork within the previously announced deadline. The main reason is that the update needs more testing for a smooth launch. The news was the catalyst for the reform of the ADA.
Luckily, the Vasil delay is the only negative event that has happened with Cardano for the last few months. The delay aside, the development activity on Cardano is still on a top level compared with other networks. Recently, Charles Hoskinson added, “Sometimes you just have to let people build beautiful things regardless of how long it takes,” most likely referring to Cardano’s slow but steady development process.
