Summary:

• Cardano price (ADA/USD) is down more than 10% over the last 24 hours.

• However, the decline could be ending with trading volume only up 2.21%.

• Cardano, a proof-of stake blockchain platform that advocates for positive change in the world, is available.

The Cardano price (ADA/USD) is down more than 10% on Friday amid increased fears from the new covid variant. ADA, the utility token of Cardano is a proof-of–stake blockchain platform. It claims to empower “changemakers and innovators” to bring about positive change in the world.

The platform is part of an open-source ecosystem which seeks to shift power away from unaccountable structures towards the margins. ADA owners can participate in the operation and maintenance of the network.

Is the ADA poised to suffer more declines?

From an investment perspective, Cardano seems to have plunged more than 50% after hitting a new all-time high in September. It could be a good opportunity to invest if you are willing to overlook short-term turmoil.

However, due to the current downward pressure it might not be the right time to add to your existing ADA.

Investors could seek potential technical rebounds starting at $1. 69, or higher at $1.89. ADA could drop to $1 if the crypto market is still under pressure due to the new covid variant. 41 or lower to $1.21.

It may be a good idea to keep an eye on the overall crypto market movements before you place a rebound bet.