With a new week upon us, it is not entirely surprising to see how most cryptocurrencies are in the red once again. After some solid gains last week, it seems things have taken another turn for the worse. The Cardano price, for example, has lost 7.84% in very quick succession. Not a positive turn of events by any means.
Cardano Price Takes a big Stumble
Even though there has been a fair amount of positive momentum surrounding the Cardano price over the past week, it seems most of those gains will be eroded fairly quickly. Although it remains unclear why this negative trend is forming at this time, it seems evident there will be a fair bit of hardship to contend with throughout the rest of the week.
To put this into perspective, the Cardano price has declined by 7.84% in the past 24 hours. As such, its high over the weekend of $0.22 cannot be sustained much longer, and the Cardano price is heading to $0.215 in very quick succession. As is usually the case when there is positive momentum in the cryptocurrency world, a dip will follow shortly afterward.
For the Cardano price, there is also the decline in the ADA/BTC ratio to take into account. With a 6.66% decline in this ratio over the past 24 hours, the current trend doesn’t look all that impressive by any stretch of the imagination. Even so, it remains to be seen how long the negative momentum will last Cryptocurrencies are a very peculiar market, for rather obvious reasons.
One thing keeping the Cardano price afloat as of right now is the somewhat solid trading volume. Although $117.589m in volume is not impressive compared to some other markets, it seems more than sufficient to keep people interested in this particular cryptocurrency. Whether or not that means the momentum will turn in favor of the Cardano price later today, remains to be determined.
Even though Upbit remains the largest exchange when it comes to Cardano trading volume, it seems Binance is clawing its way up the ranks. The company’s BTC and USDT pairs are both in the top three, followed by Huobi’s USDT and Bittrex’s BTC pairs. One fiat currency in the entire top twelve is not exactly looking good for the Cardano price, bit this altcoin has never had much fiat currency trading volume in the first place.
For the time being, it remains a bit unclear how all cryptocurrency markets will evolve. Although the bearish pressure is very tangible right now, there is no real reason to explain this momentum. It is possible people are simply taking profits after a solid week of trading, but there may be bigger issues looming on the horizon as well. It is yet another development which only further illustrates the volatile nature of cryptocurrencies.