Cardano Price Plunge Hard, What Next For ADA Price?

Cardano Price Plunge Hard, What Next For ADA Price?

At the time of publication, along with other major cryptocurrencies, Cardano has plunged by 13.97% in the last 24hrs and is now trading at $0.465. ADA, Cardano Blockchain’s native currency, is now selling at freshly formed monthly lows, just above the July lows of $0.45. 

This massive pullback has caused panic in the Cardano community as such high volatility is not common in ADA. The reason for such a price movement could be the network’s technical issue.

Cardano’s current movement indicates that the currency has slipped back towards its July 26th price point. Cardano is now extremely unappealing from a technical analysis perspective because of the intensity of the decline, which caused the coin to break below the local uptrend support and move toward the local bottom.

Along with such high volatility, ADA is also trading below its 50-day moving average. This suggests that cardano