Cardano trends to the downside with the crypto market recording small profits on lower timeframes. The cryptocurrency continues to move in tandem with Bitcoin and Ethereum and seems poised for some volatility over today’s trading session. Related Reading | Dogecoin Seen Doubling In Price, Despite Shedding 10% In Last 7 Days At the time of writing, Cardano (ADA) trades at $0.46 with a 2% profit in the past 24 hours and a 9% loss over the past week. ADA’s price has given out almost of the gains it recorded during the crypto market relief and stands as the worst performing asset in the crypto top 10 by market cap. Only Solana (SOL) records the worst performance with an 18% loss over the same period. Cardano is negatively reacting to the uncertainty across the crypto market increased by today’s U.S. Federal Reserve (Fed) Federal Open Committee (FOMC) meeting. During this event, the financial institution is set to announce its interest rate hike. The market expects a 75 basis points (bps) increase. If there are no surprises, the crypto market could see a potential rally into previous levels with a spike in volatility. Cardano And Crypto Market See Spike In Short Positions As mentioned, the uncertainty around the crypto market could translate into the volatile price action, with no clear direction for the short term. A pseudonym trader said the following on the effect of the FOMC meeting in the sector: Leading into the FOMC, th...
