Cardano declined nearly 8% in 24 hours, slipping to $0.5478, nearing price levels not seen since early April this year.
ADA’s RSI dropped to 23, suggesting the asset is in oversold territory, historically linked with possible near-term price rebounds.
Ford-backed proof-of-concept initiative signals continued institutional interest in Cardano’s blockchain amid technical and price pressures.
Cardano (ADA), currently the 10th-largest cryptocurrency by market capitalization, fell sharply in the last 24 hours, trading down 7.85% to $0.5478. This decline pushed ADA near price levels last observed in early April, reflecting broader weakness across the cryptocurrency market.
ADA has now recorded losses in 11 of the last 12 sessions, tracing back to its June 11 peak of $0.736. The ongoing slide has extended over the past six consecutive days, with ADA reaching an intraday low of $0.56. Overall, the market remains cautious as total crypto liquidations reached $1.01 billion during this downturn.
Technical Indicator Flashes Oversold Signal
The Relative Strength Index (RSI), a key momentum indicator used by technical analysts, has dropped to 23 on the ADA daily chart. This figure is far lower than a conventional 30-point mark, which is commonly regarded as a sign of oversoldness. In the past, when the RSI of ADA dropped into the same territory, rebounds occurred, and this has given a projection that now, there would be a small time bounce.
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 project aims to test Cardano’s ability to secure and manage legal data through decentralized cloud technology.
Input Output, the research arm behind Cardano, announced that total transactions on the network surpassed 110.63 million. The growth signals persistent engagement within the ecosystem, regardless of current market headwinds. Additionally, the Cardano Blueprint was launched to support a better understanding and navigation of the blockchain for developers and institutions.
The post Cardano Nears April Lows as ADA Slides Below $0.55 Amid Market Liquidations appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
