Market Nosedive Sends Cardano (ADA) Deeper Into Bear Territory

The crypto market has not been in the best of places recently and Cardano (ADA) has been feeling the heat especially hot lately. The digital asset which remains one of the popular and largest by market cap has had a hard run of it lately, pushing it further into the bear territory. As ADA continues on this trend of low momentum, hot on the heels of the market decline, indicators have proven to not be in the favor of the token’s value. Market Declines By $80 Billion During the weekend, the market had suffered consistent dips. Following the price of the leading cryptocurrency Bitcoin, most altcoins had taken a nosedive during this time. One of those was Cardano which had already been trading below $1 going into the weekend. The dip had pushed it further into the bear territory alongside others. By the time the weekend had come to an end, the crypto market had lost north of $80 billion from its market cap at the time of this writing. Related Reading | Can Dogecoin Slide Further? Key Technical Levels To Keep An Eye On This decline had been one that has been in the making. With the low momentum that had rocked crypto last week, prospects for the weekend had been increasingly bearish. This had come to a head as bitcoin had declined below $40,000, now trading at the $38,000 territory at the time of this writing. As different altcoins have taken a hit following this decline, ADA’s outlook at this point has turned for the worse. T...