ADA price plunged when Cardano’s Incentivized Testnet Shelley failed
After making a significant turning point on November 29, the Cardano (ADA) price continued to decline and broke the critical support line. Therefore, even though the Cardano community is as active as AZCoin News mentioned. But if this situation persists, the high ADA price will not produce good results.
Incentivized Testnet Cardano cannot help ADA
At the moment, the Cardano Foundation is preparing for the Incentivized Testnet phase. It is the testnet designed to allow ADA holders to stake their holdings for incentives. However, this idea, when implemented, is not as good as expected. Since November 29, ADA prices have continuously decreased after reaching a high of $ 0.04542.
In recent months #Cardano has been getting ready for the rollout of the #Shelley Incentivized Testnet. Bad actors have also been getting ready… What should you be cautious of? Please visit the Forum post here: https://t.co/Yjef2lAe42 #ShelleyStaySafe pic.twitter.com/fvxdSKuq13
— Cardano Community (@Cardano) December 4, 2019
In this situation, analyst Cold Blooded Shiller outlined an ascending support line out of which ADA seems to have broken down. And during the decline, ADA indeed broke down from an ascending support line, which has been following since October 26. But, ADA can still find a minor support area at $ 0.035256.
— Cold Blooded Shiller (@ColdBloodShill) December 5, 2019
The indicators are heading to the bullish zone
Before the price dropped, ADA tried to make a breakout on November 28 but the attempt was unsuccessful.
However, the 50 and 100-day moving averages (MA) have created a bullish diagonal line and the ADA price is trading on both. Therefore, the ADA price can find support above and start a reversal cycle, instead of descending the ascending support line. Therefore, with the support of the MA lines, the ADA price may reverse before reaching the support line.
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