Cardano Price Faces Correction After Brief Surge Amidst Volatile Market

• At the time of writing, ADA is trading at $0.3868, down 1.57% in the last 24 hours.
• If ADA can go above the $0.4 mark, it will be a game-changer for investors.

Significant swings have recently occurred in the crypto market, with major cryptocurrencies performing terribly for quite a while now. Among the tokens impacted by these developments was Cardano (ADA).

In recent months, Cardano’s market value has dropped significantly. Because of this drop in price, more than 66% of ADA investors were out of profit. Although there was a momentary increase in price, it was promptly corrected.

Nonetheless, Cardano’s long-term investors are still optimistic, according to IntoTheBlock’s statistics. The fact that over 70% of ADA holders have held the token for over a year lends credence to this claim. A recent report from CoinGlass shows that the open interest in ADA futures has increased by 4%, reaching $220.38 million.

As a result of Cardano’s efforts to expand its ecosystem, the price of ADA and other important indicators have recently shown signs of optimism. The most important of them is the newly formed interim Constitutional Committee, which was announced by Charles Hoskinson, co-founder of Cardano, in a video that was uploaded on YouTube.

Rebound Likely

Experts and technical analysis indicate that ADA is getting ready for a comeback, even if Cardano’s value has lately taken a nosedive. If ADA can go beyond the $0.4 mark, it will be a game-changer for investors. Breaking through this level might validate Cardano’s rebound and provide great potential for short-term gains.

At the time of writing, ADA is trading at $0.3868, down 1.57% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 20.58%. If the price manages to go below $0.38 then it will likely test $0.37 support level.