Cardano [ADA] bears continue destruction, prices enter oversold territory
Cardano [ADA] prices are witnessing massive sell-off. A sustained bearish momentum has pushed the prices to the oversold territory. The bears refuse to settle down as the cryptocurrency has breached the key support level found at $0.036. No major updates have been revealed by Cardano since the release of Cardano 1.4. Cardano will fork this year which will lay the groundwork for its migration to Shelley phase from the current Byron phase. Shelley phase will pave the pathway of decentralization for Cardano.
ADA bears show no signs of retreating as the prices are penetrating the oversold territory. The cryptocurrency was stuck in consolidation mode for the past few days trying to break out from $0.035 key resistance. In today’s trading session the prices have fallen further without finding support throughout the day. The next support for the crypto asset is at $0.030.
The MACD levels show that the coin is witnessing strong bearish momentum. The hourly RSI is indicating that the prices are oversold. The 100 EMA line traced at $0.037 is signifying a downtrend for prices. At the time of writing, the digital coin is trading at $0.035 and is losing against USD by 4.74%. ADA is currently trading with a market capitalization of $938 million.
The digital currency is falling against Bitcoin [BTC] by 3.12 %. At press time one ADA is equivalent to around 0.00001 BTC.
Cardano Latest Updates
- Charles Hoskinson, the co-founder of Cardano, has joined the Endor, a predictive analytics firm, as a senior advisor. Endor focusses on generating AI-powered prediction for firms and individuals based on encrypted data.
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