ADA price action shows strength amid nervous crypto market
ADA, the native blockchain token of Cardano, is showing interesting price action, pulling back to $0.33 for the second time this fall. After last touching that price in late October, ADA showed an increase of over 30% in price.
Whether Cardano will be able to demonstrate a similar result again will become a little clearer in the coming days, should the price be able to stay above that zone. However, it is important to note that despite all the turmoil of the crypto market in the last bearish year, ADA has not fallen below $0.33. In fact, that level, which was first set in early 2021, was the starting point from which Cardano went to its all-time high in August of the same year.
Since then, ADA has lost almost 90%, which is generally considered a substantial correction in the crypto market. In terms of technical analysis, if the decline continues, the next level after $0.33 is around $0.16, which would mean another halving in the price of ADA.
Cardano (ADA) price fundamentals
From a fundamental analysis perspective, i.e., focusing directly on operational performance and the narrative around the blockchain, Cardano is doing well. Thus, due to the absence of ADA on the spot market of the infamous FTX crypto exchange, Cardano probably avoided a major tragedy, which would have no doubt sent token prices into free fall.
Furthermore, as reported by U.Today, Cardano experienced an increase in network activity during the unrest. Thus, despite the drop in price, Cardano (ADA) managed to lose something and gain something.
