Cardano’s layer-1 blockchain architecture, which enables smart contracts, is driven by the ADA coin, which, like other cryptocurrency markets, is under selling pressure. The US dollar and rates climbed following a stronger-than-expected US inflation report, weighing on the price of the ADA/USD, which was last dealing in the $0.37s and down about 1.5% on the day.
Cardano Price Prediction
Earlier on Friday, the January PCE Price Index report was published, showing a larger-than-expected rise in MoM core inflation to 0.6% from 0.4% in December, which was also amended higher from the previous estimate of 0.3%.
Today’s ADA Price
With the most recent drop, ADA has fallen below its 200-Day Moving Average of $0.3815 and is now more than 10% below previous monthly highs in the $0.42s. With Cardano at a technical split, today’s closing is critical.
