While the whole crypto market tumbled down on August 19, Cardano price too had to face the consequences as the currency plunged by 23% from its August 2022 peak.
At the moment, Cardano is still trying to free itself from the selling pressure created last week. Cardano’s ADA is currently changing hands at $0.450, after a drop of 2.68% over the past 24 hours.
During the month of May 2022, just before the crash, Cardano was trading between $0.4 and $0.6 per ADA. Also, it is to be noted that Cardano has bottomed twice at the lowest level in the last 90 days.
The first drop occurred in May, the start of a bearish market, where Cardano fell to $0.4 and the second in mid-July. However, just a few weeks later, ADA regained the bull run and managed to reach the upper target of the $0.6 range.
Hence, it’s been observed that whenever Cardano hit a bottom around $0.4, the asset did see a trend reversal and spiked by 50%.
Will Cardano price drop below $0.4?
The trend reversal might sound interesting and give an idea for investing now around the $0.4 area, but there are two factors to consider.
The first and foremost factor to consider is the continued delay of the asset’s Vasil hard fork along with FUD-pushed testnet issues. The second reason revolves around technicality as the current $0.44 is not the confirmed local bottom. On the other hand, if there is any further delay in the Vasil hard fork and more bearish control over the crypto market, the ADA price might slide even further than $0.4.
According to reports, Adam Dean, a developer for the Cardano network, has revealed that there is a problem with Cardano node v.1.35.2 and other nodes as well. This came after it was discovered that 1.35.2 may not be compatible with the initial series.
Hence, it’s important to follow any updates around Vasil hard fork and the market sentiments.
