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Slow Weekend Sees Cardano Drop By 8%

22 december 2018, 23:48 by John Kiguru

Slow Weekend Sees Cardano Drop By 8%

Although the market went into the weekend strong, the momentum has not been persistent, seeing most coins drop positions. The weekend has always been unpredictable and the market has always responded to this with red.

Fortunately, most coins had established a high resistance level strengthening their position and ensuring they hold a high support level.

At the time of press, bitcoin has dropped below $4,000 but is still holding strong and trading above $3900. XRP has also slowed down and is trading just above $0.35, while Ethereum stands at just over $111. The result of all this has been the total market cap dipping below $130 billion. Regardless of this short dip, experts remain optimistic that the rally experienced in the last week will persist for the remainder of the year.

Cardano ADA has today seen a huge drop and at the time of press is down by 8%. This has seen the coin drop to a little over $0.039 in value at the time of writing this. This drop plays in favor of Tron which recently overtook Cardano in ranking, as Tron- which is not experiencing as such a loss, extends its gain in market cap.

In the coming hours, the market might extend its losses even though bulls will be adamantly fighting to keep prices up. As the weekend comes to an end, these prices are expected to pick up, a pattern the market has recently set.

Cardano enthusiasts are now hoping that the price drop does not extend past the 10% mark as this would trigger a panic sell-off. In addition, it would make it harder to bounce back from the dip and rally again. This also goes for the wider market which will try to limit losses until a rally is triggered again.

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