The FTX and Alameda-induced fiasco led way to a dramatic crash as leading cryptos plummeted double digits reaching new lows. Bitcoin fell to $16,000 levels on Monday and is currently trading at its November 2020 lows. BTC shed its gains of 2021 that it delivered during the bull run reaching an all-time high of $69.044. While top cryptos fell like a pack of cards, Cardano managed to remain strong in the indices despite the bloodbath. ADA dipped briefly but quickly recovered and is trading sideways this week defying the market trends.
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Cardano: Is November 2022 The Right Time to Accumulate ADA?
ADA seems to be pressing all the right buttons lately as whales have shown interest in the crypto this month. The first week of November saw whales taking an entry position that kept its price on the greener side. In addition, Cardano saw a record number of wallets reaching 3,690,261 (3.6 million), as per statistics.
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To keep things on the positive side, Cardano founder Charles Hoskinson has been taking on critics who question the network’s authenticity. However, despite all of the developments, ADA’s price has failed to move up steadily in the indices in mid-November 2022.
Despite all the positives, Cardano’s price has been repeatedly rejected at $0.40 levels and is unable to break through the resistance.
The grey clouds of the bear markets are hovering around ADA that’s stunting its growth and pulling it behind. The FTX saga is yet to be over and any negative news can get the markets down.
Therefore, ADA is at the mercy of the bearish market conditions and its price is unlikely to shoot up in November 2022.
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At press time, Cardano was trading at $0.32 and is down 3.3% in the 24 hours day trade. It is also down 89.5% from its all-time high of $3.09, which it reached in September 2021.