Cardano Price Sits at $1.22 after 7.2% fall – Where to Buy ADA

Cardano
Cardano

The crypto market is currently undergoing a downtrend, given that bitcoin has slumped to around $31K and ethereum has lost ground and retreated below $2K. This slump has caused a downtrend in crypto prices, and Cardano ADA is among the cryptocurrencies affected by this trend.

ADA is trading at $1.22 at the time of writing on major exchanges after a 7.2% dip in 24 hours.

ADA Price Analysis

ADA Price Analysis July 14
Source: TradingView

Cardano is experiencing a sharp market pullback, which has made the token fail to go past the $1.25 resistance level. This sudden slump is attributed to the current lack of market support, given that bitcoin and altcoins are trading in the red zone.

If the current downtrend continues, ADA might be headed towards $1.20. Trading below this level amidst the strong bears might push ADA to retest the $1 level. Going below $1 might happen if the downtrend goes on. However, at this point, it might have reached exhaustion, hence creating a perfect bull entry.

If market support for ADA increases, we might see the token retest at the $1.30 levels, which might mean that bulls are in play. A sudden upswing at this time might increase trading volumes from traders who are buying during the current dip.

Cardano came recently into the limelight among crypto social users. This was after the operator of NEO Stakepool published an image on Twitter of his 14-year old asking for his allowance to be paid in Cardano. The news shows that ADA is gaining interest even from the most unusual individual class. The operator even suggested that he could make an NFT out of the note.

On July 12, the Cardano Foundation announced it would be launching a Cardano Developer Portal. The goal of this portal would be to enable developers to build protocols more easily; hence it would boost the functionality of the Cardano network.

If the Cardano network gains more adoption and use cases, the value and stability of ADA prices will increase; hence it will be a good development for holders.

Where to Buy ADA

Those who want to buy ADA tokens can do so from a reliable and secure cryptocurrency exchange such as eToro. eToro offers a wide range of friendly features that assist traders in crypto trading. These features include a copy-trading feature and a demo trading account for new traders to learn how to make profits from their holdings.

Looking to buy or trade Cardano (ADA) now? Invest at eToro!

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Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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