According to a recent tweet, Cardano hater Mike Alfred may have accidentally placed a hidden message on ADA’s pricing.
Alfred, in his customary method of teasing the blockchain, alluded to the critical support at $0.45, from which ADA has recovered many times since July.
The BTC maximum highlighted the possibility for an increase from this critical level, provided that ADA maintains its position above this mark.
Cardano’s price has fluctuated around 45 cents for months. At this level, it looks to have established a permanent home. The good news is that if it can hold up here for the next fifteen years, the protocol should have sufficient time to grow into its inflated valuation.
Historically, ADA increased 23% from July 18 lows of around $0.45 to July 20 highs of $0.548. In a second instance, Cardano gained 21% as it surged from lows of $0.45 on July 26 to highs of $0.555 on July 30.
This month, Cardano rose 16% from its low of $0.453 on September 7 to its high of $0.524 on September 10. Currently, Cardano wants a continuation of its recovery from its low of $0.454 on September 16th.
At the time of publishing, Cardano was trading slightly lower at $0.476 as bears attempted to extend their lead. If the price falls below $0.45 and remains there, the ADA price may seek support at around $0.42.
While the $0.45 support gives the same possibility for a price increase as in the past, bulls must surpass $0.524 and $0.594 to assume control.
Given the negative outlook for the financial markets, the cryptocurrency markets, which have been highly connected in 2022, are unlikely to perform well.
As reported by U.Today, Charles Hoskinson, the developer of Cardano, said that the cryptocurrency “has never been stronger.” However, the markets, which are now influenced by “macro issues,” do not always reflect this reality.
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