Cardano (ADA/USD) has tanked 7% in the past day to a record low of $0.03612. On the weekly scale, the price represents a 16% dip. In general, the overall crypto market is looking bleak. Bitcoin has lost $19k support, trading at $18,357, while Ether is 6% down to $1,215.
Last week, ADA was locked in a descending triangle, with analysts predicting a price under $0.25. Can the crypto survive the bear onslaught? The current market sell-off is anticipated to extend between now up to December.&
Until now, ADA price has failed to benefit from major Cardano fundamentals. The smart contract network successfully deployed Vasil hard fork last month. According to Cardano blockchain insights, the upgrade added 100 smart contracts two weeks after the event.
Despite the optimism around the launch, ADA has remained bearish. In fact, the digital asset has lost 25% of its value in the past month alone. The fork was a major improvement since the launch of the Alonzo hard fork in 2021.
Meanwhile, data from Defillama shows that Cardano’s total value locked is equally down 8% in the past day to $64 million. However, there has been an upsurge in the daily trading volumes by 105% in the past day to $922 million.
ADA finds new support at $0.36&
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 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. eToro
Bitstamp
Source: TradingView
From the daily chart above, ADA looks bearish below the $0.39 support-turned resistance. In addition, the crypto is below the 20-day and 50-day moving averages. The momentum indicator RSI is at the lowest level of 23.
Concluding thoughts
Cardano has plunged to a new low, currently trading below key support levels. As it is, lower levels could be seen since the crypto space is currently on bearish momentum. Much as the token is at the oversold zone, it could remain so for quite a while.
The post Cardano relinquishes support to a fresh new low. What’s the outlook? appeared first on CoinJournal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments