Cryptocurrencies are always evolving, albeit not necessarily in the direction people would hope. In the case of the Cardano price, the momentum earlier this week has completely evaporated, as the value is plummeting once again. With a 5.92% decline in the past 24 hours, the cryptocurrency markets remain extremely volatile with little improvements in sight.
CARDANO PRICE STRUGGLE IS VERY REAL
As one may have noticed by looking at the cryptocurrency price charts these past few months, the overall momentum is anything but positive right now. It seems a fair few market makers are intent on keeping all prices as low as possible, even though they will not necessarily benefit from this pressure. In fact, it has become more than apparent any small uptrend will be dumped through immediately.
For the Cardano price, this means the going only gets tougher as more time progresses. More specifically, we see the Cardano price lose even more value in these past few days compared to the weeks and prior. As of right now, we are looking at a value of just over $0.14, which is a fair bit lower compared to the all-time high of $1.28.
It also appears Cardano continues to lose value compared to Bitcoin, which only further compounds these problems as of right now.With the Bitcoin price also on the decline, there is little to no room for upward momentum for the Cardano price. Racine $0.2 seems almost completely out of the question right now, and it is likelier we will see the value drop to $0.1 in the coming days and weeks.
Even the trading volume for Cardano so far from where it is supposed to be. As of right now, Cadano notes a rather poor trading volume of just $90.1m, which is next to nothing for a cryptocurrency in the top 10 ranked by market cap. Unfortunately, all currencies still suffer from a decline in overall volume, and that trend is not improving, by the look of things.
With a South Korean exchange leading in terms of trading volume, it is evident the rest of the world is not looking at buying cryptocurrencies like Cardano right now. Instead, we see only two platforms generating over $10m in trading volume these past 24 hours. Upbit represents over half of all ADA trades, whereas Binance takes care of another 22.47%. The third exchange is Bittrex, followed by another Upbit trading pair.
All of this goes to show the upcoming weekend may effectively be one of the worst for all cryptocurrencies. Considering we had a small uptrend earlier this week, it seems highly unlikely something like that will happen again in the next two days. For Cardano price watchers, it may be best to not look at the charts too closely for the foreseeable future, as this bumpy ride is far from over.