The price of Cardano (ADA) has undergone a significant decline due to weak activity within the DeFi ecosystem. This article explores the reasons for the decline, technical data, and future projections.
Current Market Situation of Cardano
Cardano's price continues to be under pressure, having dropped more than 55% since last November. Found DEX volumes have hit new lows, raising concerns about real-world usage and investor interest.
ADA Price Technical Analysis
Currently, ADA price is down 0.74% over the last 24 hours at $0.5828. However, the 24-hour trading volume surged by 20.73%, reaching $624.32 million. ADA’s market capitalization stands at around $20.64 billion, with a 0.76% decline.
Prospects and Support Levels
The current resistance level for ADA hovers around $0.61, but there is no clear bullish catalyst for price increase. Key support levels are at $0.5734 and the critical demand zone at $0.5235. The RSI currently indicates 46.98, signaling a lack of bullish strength.
Considering the current market conditions and support levels, Cardano's price remains under pressure. Monitoring trading volume dynamics and resistance levels will be crucial in the near future.
