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- 1 The ADA crypto has indicated a sign of downturn as the price tried multiple times to sustain near supply region and slid from a critical level
- 2 The RSI, and EMAs suggest bearish gestures regarding the ADA price.
Cardano is a blockchain platform that utilizes a definite proof-of-stake consensus method called Ouroboros. In P-O-S, the people who own some ADA coins can aid the network and gain rewards for it.
Cardano is known to be versatile and resilient. It can support many Dapps on a separate layer of the network, so they do not slow down the transactions.
Also, the co-founders of Cardano Charles Hoskinson and Jeremy Wood aspired to compose Cardano as highly shielded, extensible, and endurable. Cardano is systematized and administered by three groups: the Cardano Foundation, Input Output Global, and lastly Emurgo.
ADA coin powers Cardano and its blockchain. It is utilized to pay for the fees using the network and Dapps. It will also be used to give a voice to users in Cardano’s future, as users could vote on some of the most critical decisions in the next Voltaire stage.
In the next stage, ADA holders might have more control and influence over the governance and direction of the project.
Also, it is evolving and growing through various stages. The current stage is Basho, which is working on the network to make it faster and more efficient. After the end of the Basho stage, the next stage would be Voltaire, which would let the users vote on how to improve Cardano further.
Cardano Price Chart on Daily Chart
The ADA price surged abruptly in the last three months. However, the ADA crypto has indicated a sign of downturn as the price tried multiple times to sustain near the supply region and slid from the critical level of around $0.6500.
The ADA crypto is headed for a steep drop, as it is getting closer to resistance levels, highlighting more room.
Moreover, the ADA asset is displaying bearish weakness and falling tendency as it plunges below major 20-Day and 50-Day EMAs.
The Cardano crypto asset is in a strong downtrend and the RSI shows no signs of oversold conditions. At the time of writing, the RSI curve took rejection from the 14 SMA and is at 41, suggesting that the asset has more room to fall.
The MACD tools show a bearish crossover and is above the zero line, and the histogram is broadening, indicating more bearishness.
Moreover, the ADA price is showing bearish traits and could lose more value. It has demonstrated poor performance in the past week by 14.40%, indicating upcoming possibilities of a reliable downward trend.
The ADA crypto experienced a 3.80% surge in the last 24 hours, and was trading at $0.5215 at press time.
Therefore, if the Cardano crypto price fails to stay above the $0.5000 level, it could decline further.
However, if the demand for the crypto gains a reliant accumulation, the Cardano asset price could bounce back from the current level. The price is expected to reach $0.7000 next.
Summary
The ADA crypto is headed for a steep drop, as it is getting closer to resistance levels. If the ADA crypto price fails to stay above the $0.5000 level, it could decline further. The RSI, and EMAs suggest bearish gestures regarding the ADA price.
Technical Levels
Support Levels: $0.5000
Resistance Levels: $0.7000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
