Popular Altcoin Presents A Significant Buying Opportunity
A solid correction period on April 18 momentarily halted the current rise of cryptocurrencies.
Bitcoin dropped about 7% . The effect of this decline was seen in other cryptocurrencies besides Dogecoin.
#Cardano fell as little as 25% to $ 1.07 at one point but managed to recover strongly at the time of writing.
↪️Is Withdrawal An Important Buying Opportunity?
Several analysts argued that the withdrawal offers another important opportunity to "buy the bottom." ADA's chart also highlighted a specific purchase range, but the window of opportunity may have ended.
After Cardano initially hit $ 1.48 on the charts, a potential correction was already being discussed. The asset shone through February; however, for the past few months, it remained largely between its highs and $ 1. In the middle of this range, a strong consolidation (highlighted) can be observed between $ 1.15 - $ 1.21. The cryptocurrency hit this specific range yesterday, but the market pulled up within 12 hours.
Price support around the purchase range is also important, according to Intheblock. It was purchased by 198 thousand addresses between 1.12 and 1.20 USD, 3.88 billion ADA, with an average price of 1.16 USD. These numbers determined the strength of this entry, but long term investments of 20-30 cents may not matter as long as you are in the market.
↪️ADA's New Updates
As previously reported, the Cardano Foundation recently announced its token registration update that will allow keeping track of tokens minted on the blockchain. While the move is thought to be effective and expanding into a decentralized network, it is also important to another potential market.
In March, IOHK founder Charles Hoskinson introduced a future NFT market on the platform. The Cardano token registration fills a huge gap in this process. With the registry, identifiers on the chain will be stored, allowing users to easily find tokens and essentially increasing the use of dApps and NFTs in the ADA network.
↪️Is ADA Still Addicted To Bitcoin?
Although Cardano should reach $ 2 before the end of the second quarter, this level may happen sooner or later depending on Bitcoin's position in the market. Skew recently reported that the top 10 cryptocurrencies gradually reduced their correlations in 2021, benefiting this long-term effect, while a major price move for Bitcoin will continue to address and trigger changes.
However, during the last bullish cycle, Bitcoin-Cardano recorded a significant correlation with each other in the short term, increasing the chances that the ADA's trend will be dictated by Bitcoin. In the long run, the asset reaches $ 2 regardless of the market change. Because their foundations will be strong enough to drive the rally forward.