Cardano [ADA] persists downward spiral as market falls:Technical Analysis
On Friday, as the bears once again take over the cryptocurrency market, Cardano [ADA] has keeled over experiencing a major downfall. The major altcoins traded in red over the day with the 11 most valuable digital asset in terms of market cap has posted loss of almost $99 million in a span of 15 hours. At a time when the market is facing a heightened seller pressure, the digital asset could not save itself from the decline by attempting to perform well. Cardano [ADA] is on a persistent downtrend momentum with the price falling almost 25% in a week and plunging around 64% in the last 30 days.
The digital asset is trading far below its key support level, which is formed at $0.0370. The MACD indicates that the virtual currency has dipped well into the bearish zone while the 100 EMA line points that the token is locked in downtrend. The hourly RSI indicator, at the time of writing, is found at 37.4, which indicates that ADA is facing extreme seller pressure while gradually making its way down to the oversold level in the market. Going by the data from CoinMarketCap, the total market cap of the digital currency is found to be at $756.72 million. The crypto has stumbled nearly 14.20% against the U.S. dollar to trade at $0.02902.
Currently, the cryptocurrency has gone down 5.09% against Bitcoin [BTC] with one ADA valued at around 0.0000085 BTC.
Cardano [ADA] Latest Updates
- The IOHK team has recently announced on Wednesday that they have released the Cardano testnet. Developers and users of the Daedalus wallet can try out the new features of the upgrade before making use of the features when the mainnet releases. The testnet has been released with Cardano version 1.4 that consists of Cardano SL 2.0.0 and Daedalus 0.12.0. The release also consists of a wallet data migration and a new wallet backend with new v1 API. This will be deployed on the Cardano mainnet once testing is completed.
Image via Shutterstock