As BTC has collapsed in the previous two days, Cardano price appears to have undone the gains achieved following its breakout on March 23.
This downturn, on the other hand, is a blessing in disguise for interested investors, as it allows them to buy ADA at a lower price.
ADA Price Action
ADA broke through the psychological $1 threshold on March 23, but fell short of the predicted target of $1.26. It also halted the downward trend, allowing ADA to retrace to the volume control point of $1.05.
This downturn is an excellent chance for long-term investors to stockpile. Since reaching the point of control, ADA has witnessed a lot of purchasing pressure, sending the price up by 5%.
Cardano’s price is expected to finally reach $1.26 in the future, according to market participants. This goal is located inside a bearish breaker that runs from $1.22 to $1.35, implying that breaking through the barrier would be difficult and time-consuming.
Clearing the aforementioned barrier, on the other hand, could result in gains that drive Cardano’s price to $1.60.
Fall in dominance a good sign?
According to an ADA whale, Bitcoin dominance has dropped from 52 percent to 42 percent in the last year, while Cardano dominance has dropped from 4% to 2%.
Regulation, according to the Cardano user, might be a gamechanger for the cryptocurrency market. In the crypto business, regulation is still one of the most hotly debated concerns.
With the EU Parliament’s resolution to restrict anonymity in crypto, the European Parliament’s vow to crack down on self-hosted wallets became a reality.
The proposed amendment, on the other hand, makes no mention of a lower limit for crypto transfers, implying that all of them will be subject to identification checks.
The change is seen by some crypto supporters as a prohibition on anonymity in crypto, with Tether CTO Paolo Ardoino calling it a “huge step back for human rights.”
The Cardano Foundation recently established a research collaboration with the University of Zurich’s Blockchain and Distributed Ledger Technologies (BDLT) Group.
The study aims to look at the basic questions surrounding Cardano as a safe, scalable, and decentralised system from several perspectives.