The bearish trend continues to prevail within the crypto space as most of the assets plunge substantially. While top 2 assets like Bitcoin & Ethereum remain above the support levels, Cardano pursues its downtrend. On the other hand, the dip may be nothing but a Cardano FUD. But the probability of ADA price hitting lower levels around $1 haunts the rally.
According to some recent updates, an Israel-based crypto exchange e-Toro has delisted ADA & TRX for its US customers. Meaning, the customers can no longer stake these coins but the platform has provided time till the year-end. However, it has not clearly stated the reason behind delisting, yet some speculate the regulatory compliance. Yet some say the easy way to end the staking could be to de-list the coins.
Yet in another update, one of the top exchanges in Europe, Bitstamp announced to list Cardano. While an exchange with a daily trading volume of more than $550 billion lists ADA, the impact of the other exchange with a volume of around $60 billion may not make much difference. However, the current drain could be the result of a downtrend outspread within the space.
Cardano(ADA) Price Losing The Grip!
The ADA price not only along with the USD but also with the BTC & ETH pair has slipped notably. Despite an increase in the trading volume, the selling pressure appears to have engulfed the rally. Coinpedia reported earlier that ADA price may slide to as low as $1.6. The asset is feared to go much lower in the coming days.
Currently, the ADA price has dropped below the strong support levels at 200-day MA around $1.8. Failing an attempt to rise, the asset has marked a 3-month low below $1.7 and pursuing the downtrend at the press time. The RSI is also reflecting a bearish pattern as it’s about to hit the lower levels at 30.
The bearish trend could drag most of the assets down and may also slash a major chunk of the market cap. While providing clarity over the e-Toro delisting, Charles Hoskinson said neither Cardano Foundation nor IOHK had been contacted. Moreover, the delisting will not have any meaningful impact on the liquidity of ADA.
Collectively, Cardano was once the highest traded asset on e-Toro surpassing Bitcoin and if the platform delists ADA, it could lose a large portion of customers. As ADA price could to take over the market’s bull run soon as the higher target above the ATH is clearly visible.