What's up, my crypto people! Here I bring you the hot gossip about Cardano ($ADA), that crypto that has us all glued to the chart! 📊 It turns out that the current price of ADA, which is around $0.6218, is dangerously flirting with a key support of $0.6166. Imagine that since May it has dropped 28% of its price! A thing that hurts! 💔
Although people are a bit scared because the "whales" (those who have a lot of ADA) are doing "dumping" (selling like crazy), Cardano has remained strong in the top 10 cryptocurrencies! 💪 And the most curious thing is that trading volume has increased by 79% in just 24 hours! People are moving that stuff like there’s no tomorrow! 🤯
But despite that movement, the truth is that the whales messed up and sold over 270 million ADA. That's a lot of money and it puts an abnormal downward pressure! 🐳💸
And as if that weren't enough, the global environment isn't helping much. With all the fuss about the conflict between Israel and Iran, people are filled with fear and don't want to take risks with altcoins like ADA! It's like nobody wants to touch the fire! 🔥
But it's not all drama, my people. Cardano has its strengths: they are still working on projects for people to use in Africa, and their developments like Hydra and Voltaire are still advancing. That's like having a solid foundation for the house! 🏗️ Although the truth is that the real demand to use the network and its DeFi projects is somewhat weak. It's like having a car but not taking it out for a ride! 🚗💨
Experts in numbers (those who do technical analysis, you know) say that on a 2-hour chart, ADA is in a very dangerous zone. The price has touched the support of $0.6166 twice (on June 5 and June 14) and rebounded 5%. But now, it has fallen again! It's like it wants to break that barrier. 🚧
For things to change and start going up, it would have to break a downtrend line with a lot of volume! And indicators like EWO, RSI, and MACD, which are like the traffic lights of the market, are not giving signals that the price will rise strongly! Rather, they are saying that things could keep going down! 🚦👇
So, my dear ones, although Cardano has its good points (its "fundamentals" are solid, as the experts say), the truth is that the technical part of the charts is pointing to the fact that the "bear market" could continue to roam freely! If ADA breaks that support, we could see even lower prices! So stay alert and do your research before moving a single peso! 🕵️♀️💸$ADA
