Investing.com – The cryptocurrency market is today experiencing its biggest day of losses in a long time, having already been in a steady decline for the past few days.
Cardano founder Charles Hoskinson takes the opportunity to welcome newcomers to the cryptocurrency market for their first “cryptowinter”.
Those who started investing in cryptocurrencies in the last few months are probably wondering if they made the right decision. There is hardly a cryptocurrency that has not lost at least 30% of its value in the last seven days.
Cardano’s Charles Hoskinson knows full well, however, that this is by no means a wreckage of the industry, although it may seem like one to beginners.
He himself has been present since 2011 and has already lived and more or less survived many “crypto-winter”.
The market is currently going through a very panicked phase, linked to both the tightening of monetary policy by the Fed and the collapse of the network.
No one can say for sure how long this wild phase will last, but Hoskinson is sure it will will finish by a sensational rally:
“In a few weeks or months, a bottom will be found. A long ascent will then begin.”
Which means that in no case should you let yourself be overcome by panic.
Cardano Technical Course Marks
Cardano is currently losing -22.42% with a price of $0.4801.
With its recent drop, ADA has already hit the 138.2 percent, 150.0 percent, and 161.8 percent Fibo extensions of $0.5438, $0.4841, and $0.4244. While a rally has occurred from the latter, the 150 percent and 138.2 percent now offer immediate resistances.
In the short term, expect a recovery or consolidation, as the RSI is already in the oversold zone.
In case of further dips below the $0.4244 support, expect further losses towards the 178.6% and 200% Fibo expansion of $0.3393 and $0.2310.
By Marco Oehrl