Cardano price, a proof-of-stake blockchain platform, has recently seen its price decline. The cryptocurrency is trading within a bearish trend, which has been evident in its recent performance. Currently, the ADA price is hovering below the established support level.
This downward movement aligns with a broader trend of decreasing prices observed across various cryptocurrencies. The bearish sentiment in the market continues to influence Cardano, reflecting a general downturn in the sector.
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Over the past 24 hours, Cardano’s price has declined 5.68%, currently standing at $0.3165. As of the time of writing, ADA is trading at this price, marking a decrease during the U.S. trading session. The altcoin has been consistently hovering below the $0.32 support level.
According to CoinMarketCap data, the market cap has also dropped 5.69%, positioning Cardano as the 11th largest cryptocurrency by market cap. However, the trading volume has increased by 5.78%, indicating heightened transaction activity despite the price drop.
Over the past week, Cardano (ADA) experienced a notable decline in value, shedding 9.69%. The cryptocurrency saw its price fluctuate within a narrow range, with the lowest recorded at $0.31 and the peak at $0.35. This downward trajectory is depicted on its latest price chart, reflecting a gradual descent from higher levels earlier in the week.
Cardano’s Chang Hard Fork Introduces New Governance Tools
Cardano’s ADA coin remains near its annual low despite the highly anticipated Chang Hard Fork. The upgrade, meant to bolster the cryptocurrency, has not stemmed its decline. In technical terms, ADA has been tracing a falling wedge pattern on the daily chart since mid-April, signaling persistent bearish trends.
The Chang Hard Fork also shifted towards decentralized governance within the Cardano ecosystem. This change empowers ADA holders with voting rights and the ability to submit proposals, directly influencing the network’s future direction. This marks a significant step forward in community-led project development and governance.
Cardano has recently achieved significant advancement with the activation of the Chang Hard Fork, initiating the Voltaire era of on-chain governance. This transformative update shifts Cardano from a centralized to a decentralized governance framework, empowering ADA holders to influence protocol developments directly.
This upgrade introduces the GovTool, which enables community members to register as dReps and delegate their voting rights. Additionally, this tool provides capabilities to review ongoing governance activities and submit votes using their native wallets, enhancing user participation in protocol management.
Can Cardano Price Rebound Soon?
If the market sustains the Cardano price above its vital support zone, it may attempt to breach its resistance trendline within the existing pattern. The price above this threshold could propel it toward a significant resistance mark of $0.50. With increased bullish momentum, the ADA price might even reach $1 during the upcoming surge.
On the flip side, ADA could stabilize around $0.61 if market sentiment declines. A further drop might push the price down to $0.60, highlighting the market’s instability. Continuous negative pressure could potentially drive the price below $0.59, illustrating the unpredictable nature of cryptocurrency markets.
The daily technical analysis for Cardano (ADA) reveals a continued downtrend, as evidenced by the recent trading data on Binance. The Relative Strength Index (RSI) currently sits at 37.27, suggesting that ADA is approaching oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bearish crossover as the signal line crosses above the MACD line, further validating the bearish sentiment in the market.
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