The ADA coin, which is under selling pressure along with other cryptocurrency markets, powers Cardano’s layer-1 blockchain architecture, which enables smart contracts. The US dollar and rates increased following a stronger-than-anticipated US inflation report, which had a negative impact on the price of ADA/USD, which was last dealing in the $0.37 range and down roughly 1.5% on the day.
Cardano Price Prediction
The MoM core inflation rate increased to 0.6% from 0.4% in December, which was also revised higher from the initial estimate of 0.3%, according to the January PCE Price Index report, which was published earlier on Friday. Recent data has prompted worries that the Fed may need to raise interest rates higher for a longer period of time, which has triggered a risk-off response in traditional and crypto asset classes.
Today’s ADA Price
With the most recent decline, ADA is once again trading below its 200-Day Moving Average at $0.3815 and is currently trading more than 10% below prior monthly highs in the $0.42 range. The closure of today will be significant because Cardano is at a technological crossroads.