Cardano (ADA) Price Continues to Slide, No Near-Term Bullish Catalysts
The post Cardano (ADA) Price Continues to Slide, No Near-Term Bullish Catalysts appeared on BitcoinEthereumNews.com. Cardano (ADA) price tested the long-term $0.36 support level after falling below the key support zone at $0.38, making way for further losses. With...
Cardano (ADA) price tested the long-term $0.36 support level after falling below the key support zone at $0.38, making way for further losses. With no major catalysts in sight, where will the ADA free fall stop?
While the larger cryptocurrency market cap has been range-bound as top digital assets like Bitcoin and Ether continue consolidation, Cardano tops the list of weekly losers as per CoinMarketCap data.
On the weekly time frame, ADA returned 10.86% losses – the highest weekly losses among the top 10 coins by market capitalization.
Cardano price was down 87.96% from its all-time high of $3.10 made in Sept. 2021. The coin’s short-term and long-term ROI flashed red with one-month ROI at -23.47% and yearly ROI down to -82.79%.
Cardano (ADA) investors underwater
On Monday, Cardano managed to clock up minor price gains, making a high of $0.37 as investors expected the price to shoot up above the critical $0.38 resistance. However, a crippling RSI and dominant sellers avoided a price rise above the aforementioned levels.
Over the last few days, ADA saw a steady decline below the $0.42 level, which has acted as long-term support for the coin. However, bears were able to push the price below the $0.45 and then the $0.42 level.
After ADA fell below the 100 SMA (4 hours), which was at the $0.400 level, the price continued to decline to as low as $0.34 on Sunday.
A new lower low was established near the $0.34 level however larger market’s bullishness pushed Cardano price by 1.83% on the daily chart at press time.
At the time of writing, ADA was trading at $0.37, noting minor daily gains largely due to the macro bullish momentum. MACD presented no reversal signs as daily RSI flashed oversold signals.
However, the short-term price relief fueled ADA volumes by 18% as daily trade volumes stood at $365 million at press time.
Going forward, Cardano could face stiff resistance at the $0.38 and then at the $0.40 level. However, a fall below the $0.37 mark, which was the 2018 all-time high for Ada, could spark further losses for the coin.
No catalysts in sight
Recent data highlighted that Cardano ranked second among the top blockchains in terms of active developer count. However, development activity continued to trend lower.
Furthermore, the percentage of stablecoin total supply sat at the lowest levels highlighting that ADA whales showed no to low interest in pumping price.
In addition to that, long-term market-value-to-realized-value (MVRV) was still showing that the market value of the coin supply is decreasing relative to the realized value.
MVRV also highlighted that there was a smaller degree of unrealized profit in the system, signaling either undervaluation or poor demand dynamics.
For now, with no bullish catalysts for ADA’s price seems like investors could continue to be in pain.
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