As is rather common on a Monday, a lot of bearish cryptocurrency momentum has emerged out of the blue. So much even that of the top 10 markets, seven of them have dipped in the red fairly quickly. The Cardano price is going down a very slippery slope as of right now, which shouldn’t come as too big of a surprise. It will be interesting to see if these markets can effectively recover some losses pretty soon.
Cardano Price Isn’t Looking too Healthy
Not too many people should be surprised to see the majority of altcoins, tokens, and assets go deep in the red today. While Bitcoin is still holding on to some of its gains, it too will start losing value over the next few hours. However, for alternative markets, those losses are usually compounded, which can trigger an avalanche of price gains or losses. In the case of Cardano, things are not looking good by any means, and it seems unlikely a major improvement will occur anytime soon.
To put this momentum in perspective, the Cardano price has lost over 7.1% in quick succession. This drives the US Dollar value of ADA down to $0.083989. In terms of ADA/BTC, things are not looking too great either. A 6.9% decline in that ratio drops ADA to 1,637 Satoshi, with a further drop below 1,600 looking very likely. It is evident all of its “competitors’ will struggle as well in the hours to come, but Cardano is clearly leading the pack right now.
On social media, the discussions pertaining to Cardano are all over the place. John Investing clearly sees an uptrend for Cardano where its rating in Google Trends is concerned. As has been the case more often than not, an improvement in Google Trends’ searches does not correlate with the price in any meaningful way. As such, it seems unlikely Cardano will become more popular all of a sudden, although nothing is impossible in this industry.
— John 🇦🇺 (@JohnInvesting) April 8, 2019
VAST is confident now is perhaps the worst time to short Cardano, although the explanation doesn’t make too much sense either. More specifically, claiming ADA is going down in BTC value because “Bitcoin is pumping” no longer applies at this time, as Bitcoin is dropping in value just like all other markets. As such, there will be plenty of interesting momentum moving forward, but there is no indication Cardano will reverse course in the coming hours.
— ᴠᴀꜱᴛ (@CryptoVast) April 8, 2019
Those who are merely interested in the ADA price chart may not like what they see either. TG Confirms Cardano hasn’t been looking too great over the past few hours, and it seems a major drop will occur in the very near future. This drop is not necessarily catastrophic, as all markets have seen major gains in very quick succession. Some sort of setback could prove to be crucial in terms of achieving long-term growth for ADA.
— TG (@TraderGoo) April 8, 2019
A lot of the near-term market momentum will hinge on how the Bitcoin price evolves accordingly. Right now, it appears the world’s leading cryptocurrency faces a lot of pressure and will struggle for a little while. As far as alternative markets are concerned, they will suffer more of the same momentum, which is only to be expected. Cardano is the biggest value “loser” at this time, but it may also rebound a lot quicker compared to other offerings.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.