Investing.com – For Cardano founder Charles Hoskinson, the current drop in and is a boon. He was finally able to reciprocate a previous tweet from the developer of both cryptocurrencies, Do Kwon.
A little over a month ago, Do Kwon asked if he should buy some ADA to take advantage of the negative correlation. A hint that Cardano’s price fell while LUNA rose in value.
Now that LUNA has lost 95% of its value in a week and there is no talk of a dollar peg of the StableCoin TerraUSD, Hoskinson reacted promptly. It was now his turn to ask whether buying a few Lunas was worth it because of the negative correlation.
Cardano technical price benchmarks
For Cardano, the current price of $0.6458 is down -4.00 percent.
Already the day before yesterday, the cryptocurrency reached the 123.6 percent Fibo expansion of the downward move from $1.2434 to $0.6177. This level now offers immediate support and if it can be defended, a rally towards the April 30th low at $0.7372 can be initiated.
If this does not happen, there will inevitably be further losses towards the 138.2 percent Fibo expansion of $0.5438.
By Marco Oehrl