7% Rally Pushes Cardano (ADA) Closer To $1

Cardano (ADA) has not had the best start to the year 2022. The digital asset which had hit its all-time high above $3 in 2021 continues to suffer more downtrends in the market which has left it struggling below $1. Despite this, the digital asset is still doing quite well on a year-to-date basis, although not as good as the community would like. The recent uptrend in its price has pushed it closer to $1, but how soon can the cryptocurrency hit it? ADA To $1? A look at the charts does not spell good news for Cardano over the short and long term. This is because, despite the recent recovery that saw ADA put on 7%, it still continues to trade below the 50-day moving average. This indicator points to there not being any buying pressure over the short term for the digital asset, hence making this strictly a seller’s market. Related Reading | Trezor Hardware Wallet Introduces Support for Cardano (ADA), Price Reacts ADA’s slide below $1 was undoubtedly one of the worst things that could have happened for the cryptocurrency in the short term. This meant that the digital asset had effectively lost more than 60% of its value in a time when other large contenders are holding up above the loss point. It puts it in a territory where bears have completely taken over the reins and continue to drag the price down. For this reason, while $1 may be close by, there is no strong evidence to suggest that it will hold. One thing though could b...