Cardano (ADA) continues to lose its position in the face of overall market decline, hitting levels not seen since April. However, technical indicators may signal a potential rebound.
Current Situation of Cardano
At the time of writing, Cardano was trading at $0.5478, down 7.85% over the past 24 hours. The overall crypto market decline triggered liquidations worth $1.01 billion.
Oversold Signals on Charts
The Relative Strength Index (RSI) indicator on the daily chart shows that ADA may be in deeply oversold territory. The current RSI at 23 indicates a drop below the typical threshold of 30, which historically has signaled a probable reversal.
News and Initiatives of Cardano
Ford is supporting the Iagon and Cloud Court project, utilizing Cardano technology for legal data storage. Additionally, the Cardano network surpassed 110.63 million transactions, highlighting growing interest in the ecosystem.
While Cardano faces difficulties in the current market environment, the presence of rebound signals and institutional support may create positive prospects for future growth.
