ADA Price May Repeat Movement Seen in Previous Hard Fork Events -Breaking
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ADA Price May Repeat Movement Seen in Previous Hard Fork Events- In the last 24hrs, (ADA), has dropped by 7.13%.
- The price movement of ADA seen recently is a repetitive trend seen in the coin’s history in moments of a build-up to hard fork events.
- The previous hard forks were in bull markets, but the next one will be in a downtrend.
Cardano’s (ADA) has dropped by 7.13% within the last 24 hour according to CoinMarketCap.
ADA’s current price is $0.6049. This ranks the coin sixth on CoinMarketCap’s list of the biggest crypto projects by market cap – below (BNB) and above (XRP).
This slight pull back in ADA’s price on the last day follows after the coin rallied by more than 20% the day prior.
The price movement of ADA recently is a repetitive trend seen in the coin’s history in moments of a build-up to hard fork events. There have been three such moments in the coin’s history, and it looks like the upcoming Vasil hard fork event may have a similar effect on ADA’s price.
It is worth noting that while the three prior hard forks were held in bull markets, the current one will occur in a downtrend. This might mean that ADA could establish a price bottom from which to launch, instead of entering a bullish rally.
The ADA price retraces slightly according to TradingView
The daily chart shows that the price of ADA rose above the MA (20 Moving Average) line. It also attempted to cross the MA 50 line. A slight price pullback was observed at the 50 MA line.
However, a retracement at this time may be healthy if the price of ADA can stay above the 20 MA line – allowing ADA to establish a solid foundation to launch off from as the Vasil hard fork approaches. Investors need to be careful as the price for ADA could fall below the $0.52 mark before it rises again.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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