Cardano price analysis: Bearish spell devalues ADA to $0.469

The Cardano price analysis reveals the cryptocurrency is continuing the downslide again after a single day of recovery. Cardano was covering a range downward since 11 September 2022 but got support at $0.462 yesterday, and the price recovered a bit.

Timeline of Cardano

With the hype surrounding meme coins, mostly in part to the surge of Dogecoin in 2020/2021, keen investors have seen that altcoins are very much capable of blistering greens. While some investors may want to take a step back from crypto due to the current bearish performance of the market, the smarter ones know to invest in more tokens in anticipation of the ever-nearing bullish run.

The lead cryptocurrency, Bitcoin, has plunged below its important level of $22,000 and is now hovering around $20,000. This price action has pulled down most of the cryptocurrencies. Among them is Cardano, which has lost its fifth position by market cap and is now ranked in the eighth position.

Every top crypto project may have spent millions on developments and upgrades to scale up their business or to achieve efficiency. But, Cardano (ADA) appears as a leading project by ‘Technology Development.

The Cardano price has been following the general market sentiment and trended to the downside in the last 24 hours. The cryptocurrency is on the verge of implementing a major upgrade via its “Vasil” Hard Fork Combinator (HFC) event, but the current price trend hints at bad news for bullish investors.

The Cardano(ADA) price resonated within a symmetrical triangle pattern over The past four months. The coin price wavering inside this pattern without any direction indicates a no-trading zone.

Tuesday saw ADA go sideways as Fed Fear overshadowed developments leading up to the September 22nd Vasil hard fork. A little under this week's high of $0.51, ADA fell to a low of $0.47. Ethereum, Solana, and ApeCoin, among other coins, also retreated.

The price of Cardano (ADA) resumed its downward correction after being dumped at the high of $0.52. In the previous price action, buyers pushed the altcoin above the moving average lines as it rallied to the high of $0.52.

The team at Contora, a website that monitors social and technological data pertaining to cryptocurrencies, claims that Cardano ($ADA) has overtaken Bitcoin in terms of “technology development” as the leading cryptocurrency project. After updating its data-tracking algorithm and changing how it tracked Cardano's GitHub repositories, the Contora team released the update.

Cardano ($ADA) has become the top cryptocurrency project by “technology development,” according to the team at Contora, a platform tracking social and technological data related to cryptocurrencies.

Institutional investor bets on Cardano-based investment products, offering them exposure to $ADA, have quadrupled from last week, at a time in which inflows to short Bitcoin products are rising significantly.