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Just one month ago, Cardano (ADA)the popular cryptocurrency of the same name blockchain which is currently the ninth largest digital asset, has been all over the news as its price has risen more than 300% in less than a month. The price of ADA then peaked at $1.3263 per token in early December, but the following days of the last month of the year were anything but festive for the popular cryptocurrency.
So far, the price of the Cardano token has fallen to $0.9, at one point the decline was 40% from its recent high.
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It stands to reason that when the November rally in ADA ended and the token began to correct, the price decline was accompanied by a decrease in market participants’ interest in the asset.
Cardano lacks interest?
In the cryptocurrency market, interest can generally be viewed as fuel, which is, as is accepted in the main identity of the economy, a limited resource amid unlimited demand. The flow of attention is probably one of the most important components of the positive presence of a particular cryptocurrency, and its absence sometimes painfully affects the price performance.
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in case CardanoHowever, the sentiment of cryptocurrency enthusiasts was far from positive, with ADA often referred to as a “dead dino coin” that no one was interested in. In general, the same slogans accompanied its rise. Now that the price has dropped by 40% in an instant, it no longer gets that much attention.
A blessing in disguise for the ADA
However, this may be the moment ADA price It found its bottom far from the light of the cryptocurrency market.
So, after getting a reaction from buyers at $0.762, Cardano made an approximate Fibonacci retracement, as this price point was at the level of 0.618, touching it is considered a healthy retracement. Since then, ADA has added nearly 25%, and over the past three days, it is up 7.2% versus Bitcoin (BTC) and 4.2% versus Ethereum (ETH).
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It can be said that the Cardano token is now showing real strength against major cryptocurrencies, as if sparking a second round of rally amidst a lack of interest and discussion.
Does this mean that when Cardano is talked about again, it will be a signal to sell?
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