Cardano (C-37), the tenth-largest cryptocurrency by market capitalization, continues to struggle amid market weakness and investor caution, trading near its lows of $0.52, its lowest level since early April.
Cardano's value has fallen by 7.85% over the past 24 hours, reaching $0.5478 at the time of writing, as part of a massive crypto sell-off that saw $1.01 billion liquidated due to renewed market volatility.
The $ADA currency has fallen.
Gradually since its June 11 high of $0.736, it has been down 11 out of 12 days, including today's decline.
This decline has continued for six consecutive days since June 16, reaching an intraday low of $0.56, with indicators on the chart now pointing to an imminent recovery.
Cardano shows an oversold signal
According to the Relative Strength Index (RSI) on the daily chart, Cardano may have reached an oversold zone, as the RSI has dropped below the usual 30 threshold to just 23, a level that has long indicated a potential trend reversal.
The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and volatility of price movements. A reading below 30 typically indicates that the asset is oversold, meaning selling pressure has been excessively extended and a rebound may be imminent. Cardano's current RSI of 23 indicates that downward momentum may be fading.
Technical traders often pay attention to low RSI levels, viewing oversold conditions as a potential prelude to a slight upswing or possibly a trend reversal.
News $ADA
Fu,ward supports I,agon and Clod C,ourt in their proof-of-concept pilot project for legal data storage based on Cardano.
The recent launch of a new proof-of-concept initiative, including decentralized storage platform Ia,gon, legal technology company Cloud Court, and Ford Motor Company, highlights institutional interest in the Cardano ecosystem.
The pilot project aims to determine the feasibility of integrating Cardano's blockchain technology with Iagon's decentralized cloud storage to enable secure management of legal data.
In,put O,ut,put unveiled the #ADA schema, a knowledge base that facilitates understanding of the Cardano blockchain. In another milestone, the Cardano network surpassed 110 million transactions, reaching 110.63 million.