Cardano (ADA) is down nearly 10% on Friday as the cryptocurrency gets caught up in a broader market pullback that has seen the likes of bitcoin drop back below $30,000.
ADA was last trading just above $0.32, down more than 15% from the multi-week highs it high at $0.38 earlier in the session.
The big market moves have been, unsurprisingly, accompanied by high trading volumes.
As per CoinGecko, ADA trading volumes were close to $1 billion across major spot exchanges in the last 24 hours, well above normal.
Cryptocurrency markets have been exceptionally volatile over the past two days in wake of a US judge ruling that XRP is not a security and that Ripple’s XRP sales via public exchanges did not constitute the offering of an investment contract.
The ruling, touted as a big win for the industry, delivered a big lift to sentiment on Thursday, lifting ADA 23.5% on the day.
But profit-taking has taken over on Friday, perhaps exacerbated by reports of layoffs at Binance.
Some in the crypto space are also arguing that the US judge’s XRP ruling has added to regulatory confusion, given that the judge also said that Ripple’s institutional XRP sales did violate federal securities law.
Either way, the ADA pullback and failure to hold above the $0.35 resistance area has confused its near-term outlook.
Price Prediction – Where Next for Cardano (ADA)?
ADA price predictions are likely to remain bullish.
While the cryptocurrency could well slip all the way back to test its prior pennant structure in the $0.30 area, this could present a good opportunity for bulls to get involved once again.
And with ADA having already now chopped through $0.35 resistance, rendering it less of a psychological hurdle for future retests, bulls are still likely to target a test of yearly highs above $0.46.
After all, the XRP ruling should undermine the US Security and Exchange Commission (SEC)’s claim that ADA is a security.
Risk-tolerant investors may now be more inclined to invest in the token, which remains cheap by historical standards, as well as move capital into the Cardano blockchain’s Decentralized Finance (DeFi) ecosystem.
This should act as an ongoing tailwind for ADA in the coming weeks and months.
High-Risk Bitcoin Alternative to Consider – Mr Hankey Coin (HANKEY)
Cardano could provide decent near-term gains to savvy dip-buying investors.
But those with a high-risk tolerance who want an even better chance of near-term gains should think about trading shitcoins.
Of course, most shitcoins are scams, which is why the team at Cryptonews spends a lot of time combing through the market looking for the best projects.
And they have identified Mr Hankey Coin (HANKEY), which enjoyed an explosive DEX launch on Friday, as one such great opportunity.
Mr Hankey Coin, which is based on the famous South Park character of the same name and proudly markets itself as the meme coin world’s top shitcoin, is currently up over 200% since its launch on Uniswap earlier in the day.
While it certainly isn’t the next bitcoin, Mr Hankey Coin certainly has all the makings of the next 10 or even 100x meme coin.
That’s thanks to its massive liquidity lock, still super low market cap, fast-growing social media community and already trending status on DEXTools.com, which is every meme coin degens favorite shitcoin trading tool.
While Mr Hankey Coin is far from a sure bet, its potential to pump is high.
Mr Hankey Coin can be purchased on Uniswap Here.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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