Cardano (ADA) still in a dip this week
Cardano (ADA) is currently trading at USD1,077, according to market indicators Thursday, indicating that the crypto is nearing the end of its slump.
The seventh largest cryptocurrency by market cap is experiencing a bearish algorithm in February, leading up to the current market price.
As of Thursday’s trading, the psychological support level of $1.00 remains crucial for ADA.
A daily near-contact below this level would indicate continuation of the recurring downturn, with targets as low as $0.91 and $0.82 from the systematic review.
Cardano (ADA): Shoot for $1.45
According to analysts, if the crypto can defy the trend and break the $1.25 resistance level, it could rise to at least $1.45 before seeing a spike in bullish short yields.
ADA/USD trading indicators show a slightly bearish curve, highlighting a lack of substantial positive market activity.
The so-called Daily Pivot Point intraday queries are $1.10 and according to research it will act as support level and most likely will push prices down between $0.99 and $1.03.
ADA Total Market Cap at $35.665 Billion in Daily Chart | Source: TradingView.com
Protests and recent price drop
In another development on Monday, Canadian Prime Minister Justin Trudeau passed the country’s first emergency law.
The law allows the government to freeze bank accounts in support of a weeklong protest against Canada’s vaccine mandate.
The movement, dubbed the “Freedom Convoy,” is a series of ongoing demonstrations and blockades in Canada opposing restrictions on vaccines.
The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) is currently investigating the flow of cryptocurrencies in the country.
Canadian police have issued an order to blacklist several cryptocurrency wallets linked to the Freedom Convoy.
According to reports, the list has 34 bitcoin wallets with a combined value of nearly $1.4 million.
Related literature | Cardano (ADA) Price Hits $1.20, Aims to Recoup Past Losses
The ongoing protests are considered illegal under the Emergency Act.
The wallets under the Prime Minister’s authority include Cardano with estimated trades between $0 and $1.1 million in cryptoassets.
Reports also show that 29 Bitcoin wallets, two Ethereum wallets, two Litecoin wallets and 2 Monero wallets have been blacklisted.
ADA: under pressure
Cardano (ADA) is bearish instead, as a result of these developments,
Cardano has been under intense pressure since the start of the week, affecting both its assets and investors.
ADA/USD traded in a bearish pattern against both Bitcoin and USD, perhaps leading to another test of Cardano’s lows.
Analysts believe the crypto is pulling back 2.5% from its previous price, and it has proven to be one of the most controversial cryptocurrencies on the market to date.
It has a large number of tenacious and patient supporters and investors who believe it will break the $10 mark in the coming years.
Related literature | New Cardano milestone could be the push to scale $1.50
Featured image of Chillur, chart from TradingView.com