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Cardano’s (ADA) Multi-Day Price Woes Continue Over the Weekend

Cryptocurrency Oct 09, 2022 05:00AM ET
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Cardano’s (ADA) Multi-Day Price Woes Continue Over the Weekend
 
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  • Cardano’s price slipped 0.50% yesterday after dropping 1.17% this past Friday.
  • Friday’s US jobs report impacted the global financial markets negatively.
  • ADA’s price is trading at $0.4227 after a 0.61% decrease over the last 24 hours.

The price of Cardano (ADA) slipped by 0.50% yesterday after it dropped 1.17% this past Friday the 7th of September, which saw it end the business week at $0.422. This Saturday loss extended ADA’s losing streak to four trading sessions according to the crypto market tracking website, CoinMarketCap.

A bullish start for the altcoin today saw it strike a mid-morning high of around $0.4268. Unfortunately, ADA came just short of the first major resistance level at $0.429 and $0.430. This caused ADA’s price to slide to a late low of $0.419. ADA briefly fell through the first major support level at $0.420 before it recovered slightly to $0.422.

A large contributing factor to ADA’s negative performance over the last few days is the inflow of bearish sentiment that entered both the traditional financial markets and the broader crypto market following Friday’s US jobs report, which adds to concerns that there will be another 75-basis points Fed interest rate hike this December – cutting into investors’ risk appetite.

In addition, going into Saturday, network updates failed to provide ADA some price support. This past Friday, the parent company of Cardano, Input Output Hong Kong (IOHK), released its weekly development report as of 2022-10-07.

The founder of Cardano, Charles Hoskinson, also spoke about hundreds of projects that are considering the Cardano network after the mainnet hard fork. However, these projects would have to materialize before ADA’s price can enter into a sustained breakout.

At press time, the price of ADA is $0.4227 after a 0.61% decrease over the last 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Cardano’s (ADA) Multi-Day Price Woes Continue Over the Weekend appeared first on Coin Edition.

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Cardano’s (ADA) Multi-Day Price Woes Continue Over the Weekend
 

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