The cryptocurrency market faces challenging circumstances once again. With falling prices, Cardano shows a bearish cross, indicating potential weakening of buying interest.
Crisis in the Cryptocurrency Market
Recent wholesale inflation data for July came in higher than expected, triggering a wave of selling across cryptocurrency markets. As a result, Bitcoin and other cryptocurrencies have started to drop in price, as investors become increasingly concerned about potential changes in Federal Reserve monetary policy.
Current State of Cardano
Cardano also experienced a price drop, falling from $0.987 on August 17 to a low of $0.837 last week, after which a sharp rebound occurred. Currently, ADA is trading at $0.863, which is 1.4% higher than in the last 24 hours, although this increase has not compensated for an overall loss of 8.15% for the week.
Future Prospects and Expectations
Investors are watching the upcoming speech by Jerome Powell at the Fed meeting, which may influence future interest rates. The appearance of a death cross on Cardano's hourly chart signals a decrease in short-term positive momentum; however, there remains hope for recovery, especially considering recent reports of 100 million ADA being accumulated by large investors.
The cryptocurrency market continues to face difficulties, and while Cardano shows negative signals, investors hope for positive changes as the Federal Reserve's decisions approach.
