Cardano’s wallet addresses have surpassed 3.9 million, with the company investing $200m to boost the ecosystem over the next three years. Despite the current decline in ADA prices, this could change.
Cardano’s investment will go towards various projects designed to improve and expand the ecosystem. This includes supporting the development of new applications and services and increasing adoption through education and awareness initiatives.
With a large community already in place and significant financial backing from Emurgo, Cardano is poised for big things soon. Prices may not have reflected this yet, but that could all change very soon.
ADA could explode in the months ahead as more people discover what Cardano is and what it can offer. Now is a great time to start paying attention to Cardano. The project has come a long way, and there’s a lot of upside potential. Prices could start to move very soon, so don’t miss out on what could be an incredible investment opportunity.
What do technical indicators suggest about ADA?
The Relative Strength Index (RSI) is currently trading below the 40 level, which suggests that the bears are in control of the market momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator is also signaling additional downside potential as the MACD line (blue) is about to cross below the signal line (red). Lastly, the break below the $0.350 support.
Therefore, if Cardano’s price fails to hold above the $0.50 level, it will likely resume its decline towards the $0.320 level. Below this level, the next key support is seen at the $0.28 level. Only a daily close above the $0.55 level would invalidate the current bearish outlook.
ADA remains in a strong downtrend as it has failed to hold above major resistance levels. The next key resistance is seen at the $0.55 level. Above this, further upside towards the $0.70 level is possible. On the downside, key support levels are seen at the $0.28 and $0.25 levels.
Cardano price ADA technical indicators suggest rejection topside bears cycle leg lower trigger buying pressure path least resistance sideways consolidation support levels breakout 200 moving average handle retest key level rejection, Fibonacci extension level horizontal line support level Fibonacci retracement level descending triangle pattern.
Conclusion
Cardano (ADA) price is facing rejection at key levels, which technical indicators suggest could trigger another leg lower in the bear cycle. The 100 Simple Moving Average (SMA) is below the 200 SMA, indicating that the path of least resistance is to the downside. The Relative Strength Index (RSI) has been stuck in bear territory for some time, so some selling pressure remains. Stochastic is also heading lower but is nearing oversold levels, suggesting that bulls are getting ready to pounce.
