With volatile market momentum keeping Bitcoin down, ADA's price has also stalled
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Investors had anticipated a continued parabolic run for Bitcoin, which would have a bullish impact on altcoins. Primarily, Cardano investors are not finding the confidence to drop more funds into ADA, given that Bitcoin’s rally is also stalling. As of this writing, ADA exchanges at $0.9949, a 2.08% decrease in the last 24 hours. ADA has experienced wild fluctuations within the time frame, with the coin trading as high as $1.03, which has declined sharply to a low of $0.9852.
Despite staging a rebound, ADA appears to have difficulty turning the $1 resistance into support, showing that volatility is not out of the market., analysts had used the Fibonacci sequence to predict possible levels that ADA could reach in the current bull market. Interestingly, their prediction placed $2.453 as a major target to watch out for.
It remains a waiting game for now, as investors hope for any sustained positive shift in the price of ADA.Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.
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