Cardano Price Faces Brief Correction as Crypto Market Struggles - TheNewsCrypto

• If the price manages to break above $0.37 level, then it will likely retest $0.39 resistance level.
• At the time of writing, ADA is trading at $0.3639, up 0.69% in the last 24 hours.

In a momentous statement made yesterday on Twitter, the Midnight team, a division of Input Output Global (IOG), the company behind the Cardano blockchain announced that the Midnight Network devnet is now live.

This statement announces the dawn of an era of change for the Cardano community, introducing the Midnight Network, a privacy-centric blockchain meant to address rising concerns about digital privacy. IOG’s dedication to improving data security in blockchain technology is shown by the introduction of the devnet.

Data from IntoTheBlock shows that the weekly rate of new user adoption has remained quite high for Cardano. On November 9, the percentage of new ADA users hit a monthly high of 32.3%. Moreover, it’s been over 30% for the last five days, something that’s happened just eight times in the past three months.

Bears Dominate

On Tuesday, after the announcement of the U.S. Consumer Price Index (CPI) for October, the crypto market took a significant nosedive, with Bitcoin’s price falling from around $38,000 to roughly $35,000.

At the time of writing, Cardano (ADA) is trading at $0.3639, up 0.69% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 2.17%. The price failed to clear above the $0.39 level and has been facing selling pressure ever since. It recently found support at $0.35 level and is striving for a potential rebound.

If the price manages to break above $0.37 level, then it will likely retest $0.39 resistance level. However, if bears drive the price below $0.35 level, then it will go all the way till $0.32 support level.