The broader crypto market looks merry as Bitcoin’s price has done it again, breaking beyond $65,000 to create a new all-time high. On the back of positive market sentiment, most altcoins too are trading in green with ETH up by 3.8% and XRP and SOL up 2.5%.
Cardano (ADA) has fell below the 21-day moving average line, indicating that the cryptocurrency may be headed lower. Cardano dropped to a low of $2.10 today, close to the previous low of $1.90.
The historical price level of $1.90 serves as support. As the market continued to decline, sellers have yet to breach the historical price level.
However, at the time of writing, ADA has flipped the bearish fall as it has started an uptrend. It is now trading at $2.19. key resistance levels from here reside at $3.00, $3.50, $4.00 and the key support zones are at $2.50, $2.00, $1.50.
Cardano criticizes US watchdogs
During his event in South Africa, Cardano founder Charles Hoskinson discussed the present state of the cryptocurrency market and how it lacks regulation. Hoskinson went on to say that the watchdogs have been keeping a careful eye on the fast expanding region and are attempting to “kill” it.
Scammers and money launderers have risen in tandem with the spike in interest, prompting authorities to place limitations on these markets. Furthermore, other countries are adopting a far tougher approach by outright prohibiting mining and cryptocurrencies. Others, on the other hand, are in charge of the space.
“In DC, the Treasury Department does everything in its power to try to kill our industry… $2 trillion industry just pops up in our backyard, and my government’s trying to kill it.”
While Ripple and XRP have been embroiled in a legal battle with the Securities and Exchange Commission, other ventures have taken a step back due to regulatory uncertainty.