Cardano (ADA) is down nearly 10% on Friday as the cryptocurrency is caught in a broader market pullback that has seen Bitcoin fall below $30,000.
ADA last traded just above $0.32, down more than 15% from multi-week highs at $0.38 earlier in the session.
Unsurprisingly, big market moves have been accompanied by high trading volumes.
according to CoinGeckoADA trading volumes were close to $1 billion on major spot exchanges in the last 24 hours, well above normal.
Cryptocurrency markets have been exceptionally volatile over the past two days in the wake of a US judge ruling that XRP is not a security and that Ripple’s XRP sales through public exchanges did not constitute the offering of a investment contract.
The ruling, touted as a big win for the industry, gave confidence a big boost on Thursday, lifting ADA 23.5% on the day.
But profit-taking took over on Friday, perhaps exacerbated by layoff reports on Binance.
Some in the crypto space also argue that the US judge’s XRP ruling has added to the regulatory confusion, given that the judge also said that Ripple’s institutional sales of XRP violated federal securities law.
Either way, the ADA pullback and failure to hold above the $0.35 resistance area has confused your short-term outlook.
Price Prediction: What’s Next for Cardano (ADA)?
ADA price predictions are likely to remain bullish.
While the cryptocurrency could well pull back to test its previous pennant structure in the $0.30 area, this could present a good opportunity for bulls to get involved once again.
And with ADA already breaking above the $0.35 resistance, making it less of a psychological hurdle for future retests, bulls are likely to target a test of yearly highs above $0.46.
After all, the XRP ruling should undermine the US Securities and Exchange Commission’s (SEC) 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 decentralized finance (DeFi) ecosystem.
This should act as a continued tailwind for ADA in the coming weeks and months.
High-Risk Bitcoin Alternative to Consider: Mr Hankey Coin (HANKEY)
Cardano could provide decent short-term gains to savvy investors who buy on a dive.
But those with a high risk tolerance who want an even bigger chance of short-term profit should think about trading bullshit coins.
Of course, most bullshit coins are scams, so the Cryptonews team spends a lot of time scouring the market 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.
The Mr Hankey Coin, which is based on the famous South Park character of the same name and prides itself on promoting itself as the world’s top shit coin, is currently up over 200% since its launch on Uniswap earlier in the day.
While certainly not the next bitcoin, Mr. Hankey Coin certainly has all the ingredients for the next 10 or even 100x meme coin.
That’s thanks to its massive liquidity lockup, still-very-low market cap, rapidly growing social media community, and trending status on dextools.comwhich is every meme coin degens favorite shitcoin trading tool.
While Mr Hankey Coin is far from a safe bet, its pump potential is high.
Mr Hankey Coin can be bought 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 your capital.
