Cardano fell below $0.70 again. ADA is consolidating and may go below $0.650.
Below $0.720 and $0.700, the ADA price fell again.
The price is below $0.70 and the 100-hour SMA.
ADA/USD broke below a positive trend line with support around $0.6840 on the hourly chart.
If it breaks $0.650, the pair may fall again.
Cardano (ADA) is a decentralized proof-of-stake (PoS) blockchain platform designed to be a more efficient alternative to proof-of-work (PoW) networks like Bitcoin and Ethereum (before Ethereum 2.0). Here’s an overview of Cardano and its native token, ADA:
Cardano Price Falls More
Cardano fell below $0.750 in recent days, unlike Bitcoin and Ethereum. ADA fell below $0.70 into a bearish zone.
Additionally, the hourly ADA/USD chart broke below a positive trend line with support around $0.6840. Bears drove the price below $0.70. After a low of $0.6626, the price is consolidating losses.
Cardano is below $0.70 and the 100-hour SMA. The price may find resistance at $0.6720 on the upside. It is around the 23.6% Fib retracement of the latest slide from the $0.7026 swing high to the $0.6626 low.
The 50% Fib retracement of the latest slide from the $0.7026 swing high to the $0.6626 low is approaching $0.6825, the first resistance. The next hurdle may be $0.6920.
A closing above the $0.6920 barrier might spark a powerful surge. In this situation, the price may reach $0.7350. More increases might lead to $0.750 soon.
Another ADA Decline?
If Cardano fails to break the $0.6825 barrier, it might fall again. Near $0.6625 is immediate downside support.
Near $0.650 is the next important support. A drop below $0.650 might challenge $0.620. The next significant support is $0.60, where bulls may appear.
Tech Indicators
Hourly MACD is in the negative zone for ADA/USD.
Hourly ADA/USD RSI is below 50.
Key Support Levels: $0.65, $0.62.
Major resistance levels: $0.6825, $0.700.
Key Highlights
Purpose: To enable a scalable, secure, and sustainable blockchain for smart contracts and decentralized applications (dApps)
Founded by: Charles Hoskinson (co-founder of Ethereum)
Launched: September 2017
Token: ADA
Consensus Mechanism: Proof-of-Stake (via Ouroboros protocol)
ADA Token Utility
- Staking: Earn rewards by delegating ADA to stake pools.
- Transaction Fees: Used to cover the costs of network operations.
- Governance: Token holders can vote on project proposals via Project Catalyst.
