As the cryptocurrency market continues to drop further, Cardano prices took a heavy toll. Crypto traders were hoping that the $1 psychological price of ADA would hold. However, this was not the case. ADA price managed to breach $1 and even reached a low of $ 0.96 at certain exchanges. What should you do with your ADAs? Should you sell Cardano or wait for a rebound?
Cardano Price Crashed along the Crypto Market
We recently highlighted the top 3 reasons why the crypto market is crashing. With Bitcoin being the biggest crypto by market cap, it is only natural to see other altcoins suffer as much. Despite the recent surge in Cardano’s price in the past week, today ADA erased all past gains. The developments in the project look promising, but the overall crypto market movement dictates a stronger path for ADA prices.
If you think cryptos and Cardano specifically are not good investments only because of the current crash, you might want to consider them again. The equity market also suffered from a sharp decline in market cap. Stocks such as NVIDIA also suffered from a rocky price-action ever since November 2021. NVDA lost also 30%, so not only are cryptocurrencies volatile. In figure 2, we can see a clear similarity in the price-action of ADA and NVDA.
Should you Sell Cardano Today?
You might want to hold your horses, as prices reached a very strong support level. It is true that ADA prices managed to break the $1 price on certain exchanges, but this can simply be a fakeout. Setting a stop-loss area around $0.95 is a good idea, as breaching $1 a second time lower by 5% might confirm the continuation of the bear market.
Currently, Cardano price is lingering around $1. It would be best to keep a lookout on how prices progress in the next hours. As the crypto market lost around -15% in the past 24 hours already, there should be a slight rebound in prices.
On the other hand, we shouldn’t mistake rebounds from simple green candles in a downtrend. Simply put hard stops without even thinking about it. Successful traders are not the ones who don’t lose money, but who know how to manage their losses.
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