Cardano, one of the leading coins in the crypto market has been rocked with the most recent news that has affected the industry. The closure of Silvergate Bank is another blow to the crypto market that was heating up the rhythms of the prices in general lines. The current price shows a decline close to 10% in the last week.
Cardano price last month – Source: Cryptorank
The truth is that, by the end of February Cardano had shown resistance between $0.36 and $0.41. As we had anticipated in Cointelegraph, the token did not support the lower margin and the bears have done their thing, causing the price to drop even more than the projection that was estimated for 0.34.
Even today, the movement of the market has marked a new lower level, taking Cardano to approximately 0.2983 dollars, which immediately obtained a rebound that has positioned it above 0.31 at the time of writing this note.
In addition, this drop is representing a loss of 20.9% accumulated in the last 30 days. However, it must be taken into account that this bounce is a good sign of resistance.
Market capitalization last 7 days – Source: CoinMarketCap
The market volume in the last 7 days has fluctuated close to 379 billion dollars for March 3, but, in the last 24 hours, it has increased from 379 to 518.34 billion dollars.
At the time of writing this note, the volume continues to increase and exceeds 606.95 billion, which is a good sign for the token. The next thing to look at is if the price fails to support the $0.31 band, it is likely to drop to $0.27, below the new band that he has experienced today. On the contrary, Holding above $0.31 may turn into higher performance above that range and will look for a new support band above $0.34 per unit..
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