ADA, the 5th biggest cryptocurrency by market capitalization ($46 billion), joins other cryptocurrencies with the crypto bearish sentiment and is down over 10% in the last 24 hours.
ADA’s price has been in an amazing rally in the last seven days, especially because of its upcoming launch on January 20 of the decentralized exchange (DEX) SundaeSwap and its first metaverse called Pavia.
Another fact that could have pushed ADA’s price up in the last week, was the recent poll in Twitter made by Ethereum‘s co-founder, Vitalik Buterin, in which ADA was preferred as the currency in 2035 if ETH does not exist, you can see the results below in his tweet:
Poll for Ethereum community. You wake up in 2035, and 80% of all transactions + savings in the world are in one currency that is not ETH. Which would you prefer it to be?
— vitalik.eth (@VitalikButerin) January 13, 2022
This recent rally made ADA to top at $1.62, but it is now trading at $1.38$ and it’s still approximately 50% down from it’s all time high of September 2021.
What Seems To Stop ADA’s Rally?
The total cryptocurrency market capitalization is down approximately 2.5%, from $2 trillion to $1.95 trillion, giving an overall bearish sentiment in most of the cryptocurrencies, according to CoinMarketCap.
Bitcoin, the biggest cryptocurrency with $780 billion in market capitalization, and representing 40% of total crypto market cap, is down 1.5% in the last 24 hours. Bitcoin, usually drives the crypto sentiment, either if it is bullish or bearish, as it is happening right now.
Yesterday, a blockchain data company claimed that cryptocurrency exchange Crypto.com lost about $15 million of crypto because of a hack, but a few hours later Crypto.com’s CEO denied the loss of the funds.
What’s Next for ADA in the Short Term?
ADA’s price right now is around $1.38, touching its previous support of January 16th, but if this support is broken, its next strong support is around $1.25 as you see in the price chart below:
ADA/USD chart. Source: FXEmpire
ADA could consolidate in the area of 1.38$ for the next few days, but can also continue the rally after SundaeSwap is launched tomorrow.
But time will tell, and let’s see if ADA can move on its own way without relying on the crypto sentiment in general, especially in Bitcoin price movements.
This article was originally posted on FX Empire