Cardano Price Prediction as Founder Charles Hoskinson Warns of CBDC Agenda – How Will ADA Price React?
The price of Cardano (ADA) has slipped by 3% in the past 24 hours, following the commencement of SEC legal actions which name the altcoin as a security.
At $0.341594, ADA is down by 9% in the past week, although the cryptocurrency has gained by 38.5% since the beginning of the year.
However, such an increase may be undermined if the SEC's labeling of ADA as a security results in exchanges delisting the altcoin, something which could depress its price considerably.
And with Cardano founder Charles Hoskinson responding to the SEC's latest actions by claiming the existence of an agenda to push CBDCs at the expense of crypto, things may only get worse for ADA.
Assuming that you think ADA will inevitably recover, now would be a very good time to buy the altcoin, given how oversold and discounted it appears to be.
ADA's relative strength index (purple) has dropped below the oversold 30 level, indicating the eventual approach of a recovery.
Likewise, the coin's 30-day moving average (yellow) has just fallen below its 200-day average (blue), forming a 'death cross' that can signal further losses.
Such losses would have to stop at a certain point, at least under normal conditions, although the fact that ADA's support level (green) is also declining would suggest that it may be a while yet before they do.
As noted above, the primary cause of this decline is the SEC and its legal actions against Binance and the SEC, both of which have cited ADA as an unregistered security that neither exchange should legally be listing.
As such, there are understandable fears that ADA could soon be delisted from a number of exchanges, at least those with enough of a presence in the United States to attract the SEC's attention.
This would be devastating for
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