Cardano Melts Under $1 amid High Profit Taking
Cardano fell far below the $1 mark during Tuesday’s crash after surpassing the $1 level last week. The token was trading at around 91 cents down by 10% for the day. the ninth most valuable crypto asset by market value is now worth $32 billion.
ADA is experiencing a robust upward trend reinforced by its directional indicators. However, recent price action indicates that the bullish momentum has begun to wane, even though the uptrend is still strong, The present trend might level out should the token lose the $0.88 support line.
Nevertheless, an important metric about the blockchain that powers the token indicates that ADA’s rally may not be over yet during this bull cycle.
Charles Hoskinson, the founder of IOG, announced a few weeks ago that he would collaborate with the Trump administration to create more comprehensive and favorable regulations surrounding the cryptocurrency industry in 2025, sparked the incredible run for Cardano’s native token.
The price of ADA immediately and dramatically increased because of such a statement, doubling to over $0.6 in a matter of days. A week later, Hoskinson gave yet another significant clue regarding a possible partnership with Elon Musk’s SpaceX, and ADA took off once more
The Fed’s November meeting minutes are the first item on the agenda. Although they altered their language regarding inflation and their overarching objectives, the Fed’s most recent meeting concluded with a rate cut that was widely anticipated.
Powell’s remarks were largely diplomatic, stating that the economy was doing well but that they would remain flexible with future actions. The PCE data drop, scheduled for Wednesday ahead of Thanksgiving, may indicate a slight increase in inflation based on other recent data.
Traders are divided on whether another rate cut will occur by December; slightly more than half believe it will. As usual, these will depend on what the economic data indicates. Most people believe that the brief pause that occurred last week was a healthy correction rather than the beginning of a longer downward trend, at least for now.
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