Cardano (ADA) is presently trading at USD1.077, according to market indicators Thursday, which shows the crypto may be nearing the conclusion of its slump.
The seventh-largest cryptocurrency by market cap is experiencing a bearish algorithm throughout February, leading up to its current market price.
As of Thursday’s trading, the psychological level of support at $1.00 continues to be crucial for ADA.
A daily near contact below this level would indicate the continuation of the recurrent downturn, with targets as low as $0.91 and $0.82 emerging from its systematic review.
Cardano (ADA): Shooting For $1.45
According to analysts, if the crypto can defy the trend and break over the $1.25 resistance level, it may climb to at least $1.45 before seeing a spike in bullish short interest.
ADA/USD trading indicators show a somewhat bearish curve, which underscores a lack of substantial positive market activity.
The so-called Daily Pivot Point intraday queries are at $1.10 and according to research, it will act as a support level and is highly likely to send prices down between $0.99 and $1.03.
ADA total market cap at $35.665 billion in the daily chart | Source: TradingView.com
Protests & Recent Price Slump
In an another development Monday, Canadian Prime Minister Justin Trudeau has put into effect the country’s first Emergencies Act.
The law allows the government to freeze bank accounts supporting the week-long protest against Canada’s vaccine mandate.
Dubbed “Freedom Convoy,” the movement is a series of continuous rallies and blockades in Canada opposing restrictions on vaccines.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is currently investigating the flow of crypto in the country.
The Canadian police have issued an order blacklisting several cryptocurrency wallets associated with the Freedom Convoy.
According to reports, the list has 34 bitcoin wallets with a combined value of nearly $1.4 million.
Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses
The ongoing protests are considered illegal under the Emergencies Act.
The wallets under the prime minister’s prerogative contained Cardano with estimated transactions between $0 to 1.1 million dollars in cryptoassets.
Reports also disclose that 29 Bitcoin wallets, two Ethereum wallets, two Litecoin and 2 Monero wallets comprise the blacklist.
ADA: Under Pressure
Cardano (ADA) is bearish in its stead, as a result of these developments,
Cardano has been under intense pressure since the beginning of the week, affecting both its assets and investors.
ADA/USD was trading in a descending pattern against both Bitcoin and USD, perhaps leading to another test of Cardano’s lows.
Analysts believe the crypto is retreating 2.5% from its previous price, and it has proven to be one of the most contentious cryptocurrencies in the market to date.
It has a large number of tenacious and patient supporters and investors who think it will break the $10 barrier in the next few years.
Related Reading | New Cardano Milestone Might Be The Push It Needs To Scale $1.50
Featured image from Chillur, chart from TradingView.com