3 reasons why Cardano can sink further despite ADA price bouncing 58%

3 reasons why Cardano can sink further despite ADA price bouncing 58%


Cardano (ADA) pared a big portion of the weekly losses incurred during this week’s crypto market rout. 

ADA’s price reached an intraday high of $0.60 on May 13, a day after rebounding from its week-to-date low of $0.38 — a 58% rally.

The huge upside retracement appeared in the wake of similar price action in the crypto market with top cryptos Bitcoin (BTC) and Ether (ETH) rebounding by 23% and 25.75% since yesterday’s lows.

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The top ten crypto assets’ recovery in the past 24 hours. Source: Messari

But the sharp ADA recovery does not promise an extended upward continuation, at least according to the three factors discussed below.

Stock market crash far from over

First, the price action in the Cardano and similar crypto-assets has been in lockstep with U.S. equities, especially tech

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