Cardano [ADA] drops to the lowest this week by a whooping -11.72%
Cardano is an open source and decentralized public blockchain that focuses on developing a smart chain contract platform. It delivers complex advanced features compared to any previous blockchain protocol. It is derived with an intense scientific research-driven approach, with teams of a large global collective of ace research, engineers, and crypto-enthusiast.
In the last week of February, Cardano [ADA] price against U.S dollars bounced back from a low of $0.30 to $0.32, but it failed again by dropping at $0.293062.
Brenndon Tso, an entrepreneur says:
“The fuck is happening to #ADA cardano just got knocked the fuck out…#sad #cryptocurrencies #ShitcoinMadness #CARDANO #BTC”
Charles Hoskinson recently tweeted:
“I’m going to take a break from Twitter. It’s demeaning and hurtful, but this is what passes for acceptable conduct.“
Investors keep a watch on this bullish trend to sell off their coins at the right time, that is, when the market prices peak. This causes a reversal between the buyers and the sellers causing the cryptocurrency to endure a large pitfall on its rates.
After the price reaches the potential high, investors begin to take profit. The huge demands cause the prices to fall and the ratio between the buyers and sellers readily shifts. This shift leads to a sell-off frenzy that finally causes the prices to drop.
Cardano followers continued their support with some like Ari says,
“They here not to run 100 m . They are here to run marathon. I am keep buying.”
Bennet Clarkson, a cryptocurrency analyst says:
“Keep doing what you’re doing. It gives me the feeling that I’m part of the Cardano team. Twitter contributes to the cryptocurrency ‘transparency’. It gives the opportunity to literally see you working. Don’t mind the rotten apples. We’re here to support you #cardano”
Murat Gökırmak, another Twitterati says,
“Ready for 3rd elliot wave 2nd correction wave almost done.”
Elliot Wave Theory says there are three waves in any market pattern. The first impulse wave is where it pushes through the overbought area and brings the heavy green candlesticks called the “bull run”. The second wave is the correction wave where you expect a pullback and profit taking happens. The third wave is a bigger and larger bull run than the first wave, reaching new highs.
Many market analysts believe that with the news of Cardano developing a new debit card that lets users spend ADA token and that the end of the “second” corrective Elliot wave is done, it would be upwards from here.
Source: Read Full Article