In June 2023, the price of Cardano stabilized even as the month proved difficult for the cryptocurrency, losing nearly 18% in value.
Price Drop of Cardano
As of June 30, 2023, Cardano (ADA) was trading at $0.565, down 34% from its May high and 57% from its all-time peak in November. This decline mirrors a broader sell-off across altcoins.
Ecosystem Issues
The Cardano ecosystem also faces challenges. The total value locked in decentralized finance dropped nearly 20% over the past 30 days to $315 million. The stablecoin supply in the network remained unchanged at $31.4 million, significantly lower than other chains.
Technical Analysis of ADA Price
Technical analysis shows mixed signals as the ADA price fell to the key support level at $0.519. The potential formation of a double bottom may signal future bullish trends, but there is also a chance of forming an inverse cup-and-handle pattern, which could lead to further declines.
Despite the challenges, Cardano reports accumulation of ADA by large holders, which may suggest growing expectations for price recovery.