Yesterday, the crypto market experienced a sudden blood bath hit that turned several market charts and other variables across most crypto assets red, raising questions about the possibilities of a slight retracement phase on the pioneer cryptocurrency, Bitcoin (BTC).
Dude! What happened to crypto?! pic.twitter.com/vcHxoEoUEl
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— Dan Gambardello (@cryptorecruitr) June 7, 2024
Aside from speculating the tendency of a BTC’s market pullback occurring, there were also speculations about the possibilities of Bitcoin’s massive dumping into exchanges, which appears realistic, considering the flagship crypto asset’s impressive run over the week.
WHO THE FUCK IS SELLING BITCOIN ? pic.twitter.com/Fh306Xoqvm
— Ash Crypto (@Ashcryptoreal) June 7, 2024
While almost every crypto entity was affected by whatever might have gone wrong with BTC’s price movements, Cardano (ADA), a leading Proof-of-Stake crypto protocol, appears to be the biggest loser of the whole saga.
ADA’s Sudden Slip – A Massive Setback For The Token
A few hours before the generalized market declines, several renowned market watchers had projected an imminent breakout above the $0.5 resistance for the embattled crypto asset – an event poised to begin ADA’s bullish trajectory.
For context, In yesterday’s early hours, Av_Sebastian, a renowned analyst on X, had predicted ADA’s breakout above $0.5, which he backed up with a price chart, signifying ADA’s imminent bull run. “$ADA is retesting the 50-day moving average once again! A successful breakout will send $ADA in the $0.50 area and force an attempt to break out of the triangle,” Sebastian noted.
In another tweet, Sebastian reiterated his initial assertion. “We could see it smash $0.50 soon head higher and then come back to retest the trendline of the triangle after breaking it,” the market expert added.
Not gona lie, this last 4hr candle on the $ADA chart looks mega bullish.
We could see it smash $0.50 soon head higher and then come back to retest the trendline of the triangle after breaking it. https://t.co/RJcsk27LxO pic.twitter.com/ZJljar9NIe— Sssebi🦁 (@Av_Sebastian) June 7, 2024
Around the same period, Dan Gambardello, another respected crypto market analyst, shared a Cardano price chart indicating an imminent bull run, which he captioned, “Blink and you might miss what happens next.”
Blink and you might miss what happens next.
Cardano $ADA. pic.twitter.com/4RtGxN1c3k
— Dan Gambardello (@cryptorecruitr) June 7, 2024
Unfortunately, the excitement that followed the above bold claims did not last as the crypto market entered a spontaneous retracement phase, culminating in ADA’s sudden slip in price, a massive setback for the coin, as it was almost on the verge of breaking above $0.5.
Was ADA Truly At The Verge Of Breaking Above $0.5 Yesterday?
Analyzing Cardano’s 24-hour price chart on the popular crypto assets tracker platform, CoinGecko corroborated the assertions about ADA attempting to break above $0.5.
Interestingly, the coin is selling for about $0.445, reflecting a 3% decline from the previous day. Its 24-hour minimum and maximum price range fell between $0.4385 and $0.4883, implying a deliberate breakout attempt.
After ADA’s Sudden Slip Experience – Expectations From The Token
ADA’s sudden slip in price when it was close to breaking a potent resistance level could have profound impacts and possible expectations for the coin’s holders; this is a sentiment common to many market experts.
According to Sebastian, the implications of the ADA’s spontaneous drop in price would restart the market cycle that has brought ADA this far. He noted, “Once again, we are retesting the support from the bottom trendline and looking for another bounce.” In addition, Sebastian hinted at the possibility of increased ADA volatility.
When $ADA was finally pumping and trying to break out, the whole market just decides to dump taking $ADA with it.
Once again we are retesting the support from the bottom trendline and looking for another bounce.
Expect more volatility. https://t.co/Rb7VJdXnlx pic.twitter.com/fhgIX0R7bO— Sssebi🦁 (@Av_Sebastian) June 8, 2024
Meanwhile, while Sebastian was particular about Cardano, Gambardello gave his insight from the overall market perspective. According to him, the total crypto market cap, presently valued at $2 5 trillion, will soar to about $40 trillion. “This party is just getting started,” Gambardello added, concluding his take on the topic.
Total crypto market cap is sitting around $2.5 trillion.
I don’t know exactly when, but it’s going to $40 trillion.
This party is just getting started.
Zoom out. pic.twitter.com/T1isQdif4d
— Dan Gambardello (@cryptorecruitr) June 8, 2024
Learn More
- Solana Price Dips 5% Despite Strengthening Fundamentals – Time To Buy The Dip?
- Latest Crypto Price Predictions
- Next Cryptocurrency to Explode in 2024
Disclaimer: Cryptocurrency 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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