$ADA
🚨Cardano Price Caught Under Bearish Shadows🚨
The ADA coin ranked among the top performers in the recent crypto market rally. It experienced a massive surge that took the Cardano price near its yearly peak of around $1.
Previously, the ADA coin was caught under a 3-month-long descending channel, which indicates its price was trending downwards at that time. But with the recent flare-up, the Cardano price broke above this bearish pattern.
However, now the ADA coin seems to be losing its momentum as the token recorded more than a 15% drop in the last 7 days.
At the time of writing, the Cardano price is trading around $0.71, which means that it has dropped below a crucial support zone and will likely extend its decline.
On top of this, on-chain data reveals a decline in the active user addresses. This weak network activity indicates that the ADA coin’s rally is not reliable, as it is not driven by an increase in demand but by speculation.
Considering this bearish outlook, the Cardano price is unlikely to see a recovery in August. Therefore, investors are eyeing Unilabs Finance (UNIL) as it crossed over $33 million of funding in AUM (assets under management).