Cardano Price Forecast as ADA sees Huge $300 Million Trading Volume in 24 Hours
The Cardano price is kicking off the week on a negative note amid widespread declines in the crypto market. The largest cryptocurrency, Bitcoin (BTC), is down 3.6% on the day and is trading at $16,041, while Ethereum (ETH) exchanges hands at $1,116.
The FTX debacle continues to wreak havoc in the space, which means price recovery could remain stifled in the short term. With the loss of investor confidence in centralized exchanges (CEXs), conversations around decentralized exchanges (DEXs) are gaining momentum.
According to Raphaël Haupt, founder and CEO of Toucan Protocol, FTX's collapse shows how decentralized crypto control is undervalued yet vital. Regulators cannot take up all the weight, which calls for integrating governance into the value chain – coded into smart contracts.
"Utilising smart contracts and decentralising protocol governance where possible create safer and more transparent rails allowing the movement of every asset to be publicly verified at any time," Haupt commented on the FTX crisis.
Cardano's price stretched its leg further down after it failed to break above resistance at $0.44. Although the level at $0.32 was expected to serve as support, the price has now fallen lower to $0.30 in line with the broader crypto markets.
Cardano's price must hold firmly at $0.30 to avoid sinking lower toward $0.25. Bulls should tread carefully, keeping in mind the sell signal from the Moving Average Convergence Divergence (MACD), as shown by the red bars appearing.
On the other hand, if ADA is able to consolidate above $0.30 for a few days, then it may make another attempt at $0.44 and higher in the coming weeks. But of course, the crypto markets are not yet out of the woods.According to CoinMarketCap, there has been a
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