Cardano Slides Near Oversold Status, Analyst Still Bullish

Cardano Slides Near Oversold Status, Analyst Still Bullish
Cardano Slides Near Oversold Status, Analyst Still Bullish

  • Cardano remains in the top ten crypto asset in CoinGecko.
  • ADA might hit oversold status in the following days.

Cardano (ADA) remains to be one of the most talked about crypto assets in the space. This is because of its technology and huge market capitalization from its supporters around the world. However, these past few days, Cardano was hit by the market’s wild swing, which is common in the crypto world. As a result of the price of the crypto’s plunge, FUD ensued among its investors.

This made Dan Gambardello, the founder of CryptoCapitalVenture.io react in a tweet post:

Cardano is approaching oversold on the weekly at levels it was at in the bear market low of 2018. Only this time, instead of .02, $ADA is $1.50, after a 50% dip!

It’s crazy to me that some are choosing now to become bearish on $ADA. pic.twitter.com/h0Y2EEj0BB

— Dan Gambardello (@cryptorecruitr) November 28, 2021

Dan Gambardello explained in the tweet that Cardano is almost nearing being oversold. “Cardano is approaching oversold on the weekly at levels it was at in the bear market low of 2018. Only this time, instead of .02, $ADA is $1.50, after a 50% dip! It’s crazy to me that some are choosing now to become bearish on $ADA, he said.”

The tweet gathered different opinions from the Twitter (NYSE:TWTR) community, some agreed while others didn’t. Furthermore, this post was retweeted over 170 times with almost 1800 likes that continues to increase over time.

Regardless, Cardano remains to be one of the biggest virtual assets in the crypto space. In detail, ADA joins Bitcoin in the top ten crypto assets in CoinGecko. At the time of writing, Cardano trades at a decent price of $1.58 with a market capitalization of more than $50 billion.

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