The fiasco caused by FTX and Alameda led to a dramatic crash as leading cryptos plummeted by double digits and hit new lows. Bitcoin fell to $16,000 on Monday and is currently trading at its November 2020 low. BTC lost its 2021 gains it made during the bull run, reaching an all-time high of $69,044. While top cryptos fell like a pack of cards, Cardano managed to stay strong in the indices despite the carnage. ADA fell briefly but recovered quickly and is trading sideways this week, defying market trends.
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Cardano: is November 2022 the right time to collect ADA?
ADA seems to be pushing the right buttons lately as whales have shown interest in the cryptocurrency this month. In the first week of November, whales took an entry position that kept the price on the greener side. In addition, Cardano saw a record number of wallets of 3,690,261 (3.6 million), according to the statistics.
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To keep it positive, founder of Cardano Charles Hoskinson has taken on critics who question the authenticity of the network. However, despite all the developments, the price of ADA has failed to rise steadily in the indices in mid-November 2022.
Despite all the positives, Cardano’s price has repeatedly rejected levels of $0.40 and is unable to break through the resistance.
The gray clouds of bear markets hang around ADA, which is stunting and trailing its growth. The FTX saga is not over yet and any negative news could drag the markets down.
Therefore, ADA is at the mercy of the bearish market conditions and the price is unlikely to rise in November 2022.
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At the time of writing, Cardano was trading at $0.32 and is down 3.3% in 24-hour trading. It is also down 89.5% from its all-time high of $3.09, which it reached in September 2021.