The prices are falling for most of the cryptocurrencies and they are showing a huge loss in the last 24 hours. The total market capitalization has gone down to the $400 billion mark. At 2:10 PM UTC, the total market capitalization was seen to be at $392 billion.
Bitcoin [BTC] is nearing the $9000 mark as at the moment it is seen to be trading at $9015.64 with a market capitalization of $153 billion. The coin, till now, has had a loss of 3.32% in the last 24 hours as it continues to be in the red zone.
Both EOS and TRON appear to be falling in the last one hour picture but it has not reversed the day’s gains and it still looks green. TRON had recently moved up to the 10th spot but it could not hold on to the spot. It dropped down by one spot and is currently at the 11th spot. Ethereum [ETH], is also seen to be nearing the $600 mark and at 2:27 PM UTC, it was seen to be trading at $611.17.
A group of investors, analysts, skeptics, miners, influencers were interviewed to gather the crypto-related sentiments about the current market trends and the possible outcomes of the coins. The opinions of experts are recorded and presented as it is to ensure that our readers get a wholesome picture.
This segment is carefully structured after taking into consideration the sentiments of people from around the world. This analysis is focused on Cardano [ADA] which is currently ranked at the number 7 spot in the rankings.
At 2:33 PM UTC, Cardano was seen to be trading at $0.268 with a market capitalization of $6.9 billion. The coin has had a loss of 13.32% in the last 24 hours and it broke the $0.30 level. Cardano, at the present moment, is seen to be trading at the day’s lowest levels and the bears seem to be completely in control.
The coin had reached $0.32 levels before it started a downside correction. The coin was seen to have broken the support at $0.29 which was followed by the breaking of $0.27 support. The consecutive support breaks by the coin indicate a strong bear pull for the coin which should be tackled by an upward reversal. The coin had a break below the major bullish trend line which had a support at $0.29.
Maria Alexander, a Marketing supervisor from Granada says:
“ADA’s drop can be taken as a signal to buy according to my analysis as the coin will bounce back. During the first term of this reversal, the coin may reach the targets at $0.38. The next two bullish terms will take the coin further up reaching as far as $0.48 and then finally to $0.59. So I strongly advise you folks to buy before you fall into the FOMO.”
James Brendon, an altcoin miner from Sintra says:
“Despite the fall, there is a buying pressure for the coin and the indicators are showing signs which are not in favour of the coin. The next support for the coin is crucial to avoid further declines in price. While most of us were expecting the coin to gain, the coin is reversing more than it is gaining.”
Albert Bass, a financial advisor from Calgary says:
“The only way for Cardano to move out of this current trend is if the buyers are more generous. People should not lose hope in the coin and they should look to HODL till we see a sell signal. The coin should at least be able to consolidate above $0.25 which would give it a chance for a breakout.”
To conclude, 54% of Cardano respondents are not sure about the coin’s future as they feel that the current trend is affecting the overall performance of the coin. Another 46% of Cardano respondents, however, feel bullish as they feel that the drop is because of some technical factors which will be resolved soon.
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