Saturday, July 20, 2024

Cardano Faces Headwinds As ADA Price Slips After FOMC Rate Decision.

Cardano’s ADA slipped following the US Federal Reserve’s FOMC rate decision. The chair Jerome Powell’s harsh message to the cryptocurrency market that a slower increment of hikes from 75 basis points to 50.

He said the markets are too enthusiastic about what could come. Besides the US central bank, the European Central Bank (ECB) is working hard not to break the fragile economic balance at the edge of a severe recession.

The crypto market tried to get hold of the positivity but soon got embroiled in the red again. At the time of writing this article, ADA was trading at $0.2987 – down by 0.92% in the last 24 hours. The altcoin has been weakening against the US dollar for the past few weeks in the idea that the ECB would catch up to the Fed in terms of rate hikes.

But the fact is that the US economy and industry is in much better shape than Europe. As such, the US dollar is more valuable than other currencies. Analysts believe that if the ECB disappoints with its decision, ADA could break below $0.297 to $0.265.

All for the test.

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