Cardano (ADA) Could Slide Back To $0.40 – But $0.68 Still Doable

Cardano (ADA) price looks bullish as it does a U-turn on Monday following negative economic spikes from China getting crypto traders all worried. In addition, many major corporations are exiting Russia, including McDonald’s. All of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptocurrencies to elevate in price than usual. This could also mean bad news for ADA; risking a 32% correction. The negative sentiment has been growing enormously which also signal a downward trend in the next quarters. As of this writing, the crypto is trading at $0.560514 on Coingecko, Wednesday, down 10% in the last seven days. Suggested Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On ADA Heading For A Nosedive Below $0.40 Tail risks pad up incessantly and it doesn’t seem to end which could mean ADA investors might head for the exit anytime soon. ADA price is heading for a nosedive right below the $0.47 price point or at the low end of the distribution zone which could even reach $0.38. On the brighter side, with the developments happening in the global economics and to the Cardano community, the first trading day of the week has shown promise of recovery. In fact, ADA price could possibly go towards $0.687 and move up to $0.915. ADA total market cap at $18.09 billion on the daily chart | Source: TradingView.com Even though Cardano suffered a massive drop during the past w...