Cardano is Ready to Drop Towards $0.25
Cardano is pressured by the U.S. Securities and Exchange Commission (SEC) after the watchdog filed a lawsuit against Coinbase. This initiated a sell-off of ADA that has lost 42% as its prices fell to $0.21 per coin. The U.S. district court decision in favor of Ripple in July pushed ADA prices up by 32% to $0.37.
SEC said it is going to increase legal pressure on crypto assets as it is going to appeal this court decision on Ripple. This may provide further reasons for other crypto assets that were targeted by SEC to deteriorate.
Crypto whales understand this perspective, and were selling Cardano since the beginning of august with the total volume of $30 million. ADA prices dived below $0.30 support and are now going to test it as a resistance. In case of a successful test Cardano prices may fall further down to $0.25.
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