Dogecoin Lawsuit Plaintiffs Claim Elon Musk Using ‘Bottomless War Chest’ for Harassment in New Court Filing The Daily Hodl
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Jim Cramer lambasted the cryptocurrency market, during his Thursday appearance on “Squawk Box,” referring to it as a “ain’t con.”
“The whole thing seems so bottomless that I don’t know how to fathom it,” he said.
What Happened: Cramer characterized Ripple XRP/USD, Dogecoin DOGE/USD and Solana SOL/USD as “cons”.
The host of CNBC’s Mad Money is of the opinion that CNBC should not observe the fluctuations in cryptocurrency prices, asking why penny stocks do not receive the same consideration as virtual assets. “If we think XRP is something we should be tracking…Well…we should also list Rent the Runway (RENT) and Stitch Fix (SFIX) there too.”
See More: Best Crypto Day Trading Strategies
Earlier this week, Cramer predicted that certain well-known cryptocurrencies, such as XRP and Cardano ADA/USD might crash to zero.
Cramer has expressed a popular belief about cryptocurrencies that only the underlying blockchain technology is valuable, not the digital coins themselves. He said, “No one thinks blockchain’s bad.”
In 2022, the cryptocurrency markets were still far from reaching their full potential, following the TerraUST UST/USD and Luna crashes. The bear markets proved to be severe and unforgiving, leaving leading cryptocurrencies in a precarious state. Compounded by the FTX drama, the markets were left reeling.
Nearly a month after the Cardano hard fork, the native cryptocurrency (ADA) remains underwater. Largely, the bearish price action is due to a weak market sentiment. However, data by CoinMarketCap shows ADA making bigger slumps compared to its closest rivals.
As of press time, ADA price was trading at $0.357, shedding 8.65% in the past week. The decline is the largest among the cryptocurrencies in the top ten bracket by market cap. Amid the bear momentum, Cardano is witnessing increased activity.
Data shows Cardano network transactions rose 75% month-over-month to 97,959 on October 19. The NFT volume on the network reached 3.0 million on October 17. On October 15, Coin98 Analytics ranked Cardano second in terms of active developer counts. The developments are positive and indicate that Cardano could continue to grow.
Amid the developments on Cardano, whales are showing limited interest in taking the price higher. The price action shows no end in sight for ADA after the token lost an important $0.42 support.
ADA’s bear momentum accelerates after losing the $4.2 support
Source – TradingView
ADA’s price action on the weekly chart shows the token crashing below $4.2. The decline suggests a bottomless next price for ADA with no support in the vicinity. An RSI reading of 32 highlights that bears has been aggressively selling the token after it lost the support. The token is near oversold, but this doesn’t signal an imminent bullish reversal.
Is ADA a buy now?
There is no clear buy zone for ADA below $4.2. Conversely, we cannot confidently tell the next likely support for the cryptocurrency. As long as ADA trades below $4.2, we discourage buying the token.
Instead, traders should wait until ADA recaptures $4.2 to buy it. The sentiment should also work in favour of the cryptocurrency.
Where to buy ADA
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.