In the latest news for Cardano investors, ADA has dipped by 3% overnight and continues to struggle around $0.70. Much of this can be attributed to the geopolitical tensions and threat of reciprocal Trump tariffs come April.
Cardano’s woes continued on Friday, March. 21 after a 5% overnight slip threatened to push it below $0.70. Investor interest in the coin for the day also fell, as evidenced by the 27% decrease in daily trade volumes.
The dip aligned with the larger crypto market, which lost nearly 2% of its market cap to crash below $2.75 Billion.
Why is Cardano Price Down today?
Today’s top factors contributing to Cardano’s depressing price action were global economic uncertainty and concerns over trump tariffs.
Note that most of the global central banks met this week. These include the Federal Reserve in the US, the Bank of England, and the Bank of Japan, and they also resolved to keep interest rates unchanged.
They cited growing geopolitical tensions and fears of inflation caused by trade tensions between global economic leaders. The meetings came against the backdrop of reports that Israel was bombing Gaza and Ukrainian drones had struck a Russian Military airfield.
It is also reported that President Trump plans to move forward with the plan to impose reciprocal tariffs on US trading partners starting in April. 2. The news exacerbated the fears of inflation and heightened trade wars.
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These factors have fueled FUD and liquidity flight in the crypto markets.
They continue to feed the bearish momentum that has dominated the markets since early February. They have even been able to dim any bullish momentum that positive crypto market news had on the market, like the integration of Bitcoin by Cardano’s Lace wallet.
What to Expect Next from ADA
From a technical perspective, the market has adopted a slightly bearish stance towards Cardano price action. For example, during the daily timeframe, the MACD is not only in the negative territory but also in the blue MACD line that just crossed the signal line from above.
The RSI has also undergone a bear reversal, having slipped from the neutral-to-bullish territory of 47 to 45. Both are indicators of a bearish momentum. Nevertheless, ADA continues to defend the critical support level of $0.70.
A slip below this point would, however, mean a freefall toward the next support level of around $0.57.
BUY Cardano (ADA) TODAY
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
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