Cardano (ADA) Faces Large Sell-Off Following 14% Price Spike

$ADA is currently on a solid run, but a large portion of investors might not believe in its supremacy right now

, only to be met with a substantial sell-off almost instantaneously. This rapid turn of events has led to profit-taking among investors, many of whom hold the view that Cardano's recovery is merely transitory and will ultimately result in another correction in the near future.

At present, ADA is trading at $0.37, having broken through the 50-day moving average and reaching the next resistance level on the chart. In light of current market conditions, Cardano appears to be in an uptrend, with the potential to continue moving upward.This sell-off can be attributed to investor skepticism regarding the sustainability of Cardano's recent price rally.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Utoday_en /  🏆 295. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cardano (ADA) up 13%, Here Are Possible ReasonsCardano leading market momentum today with its recently unveiled feature
Read more »

Cardano: Snoop Dogg's Iconic NFT Collection Unveiled by Clay NationCardano NFT project Clay Nation reveals iconic Snoop Dogg collection CardanoADA CardanoCommunity SnoopDogg CNFTCommunity Cardano $ADA CNFT
Read more »

Why is Cardano price up today?Cardano whales are behind ADA's price rally in the last seven days, helped by Fed pivot hopes.
Read more »

Biden's appeals court nominee faces rare Democratic scrutinyWASHINGTON (AP) — One of President Joe Biden's nominees to a federal appeals court has generated rare concern from some Democrats and outside groups over his signature on a legal brief defending a parental notification law in New Hampshire, injecting the issue of abortion into his confirmation fight from an unexpected flank.
Read more »

Biden faces a major foreign policy scandal, but when are congressional Republicans going to notice?Now that Republicans have narrow control of the House of Representatives, the GOP is investigating the Biden administration with gusto.
Read more »