Cardano (ADA) has faced another sharp decline, losing nearly 8% over the past 24 hours. This drop has led to prices not seen since early April.
Market Situation Intensifies
Cardano (ADA), currently the 10th-largest cryptocurrency by market capitalization, fell sharply by 7.85%, trading at $0.5478. This decline brings ADA close to price levels last observed in early April, reflecting broader weakness across the cryptocurrency market.
Oversold Indicators and Possible Rebounds
The Relative Strength Index (RSI) on the ADA daily chart has dropped to 23, far below the conventional 30-point mark, which is often regarded as a sign of being oversold. Historically, when the RSI of ADA dropped into similar territory, rebounds occurred, suggesting the potential for a short-term bounce.
Continued Blockchain Development and Projects
Despite market volatility, Cardano's network activity continues to show signs of development. Ford Motor Company recently collaborated with Iagon and legal tech firm Cloud Court to explore a blockchain-based data storage system. The total transactions on the network have surpassed 110.63 million, indicating persistent engagement within the ecosystem.
Currently, despite the ongoing price decline, the Cardano project continues to develop and attract attention from major companies, which may contribute to its resilience in the future.
