Mon, July 22

Cardano (ADA) Price Continues to Bleed Amid Strong Market Volatility

Cardano (ADA) Price Continues to Bleed Amid Strong Market Volatility Editors News
  • A precipitous fall of more than 41% has been recorded for ADA since the start of the year.
  • At the time of writing, ADA is trading at $0.3512, down 5.50% in the last 24 hours.

The Chang hard fork is an update that many are looking forward to, and Cardano is getting ready for it. It is scheduled to happen at the end of July. Given the remarkable price surge that followed Cardano’s last hard fork in 2021, this move has aroused a great deal of attention among cryptocurrency enthusiasts.

The Chang hard fork is the last leg of Cardano’s plan to build a completely decentralized blockchain ecosystem. And it signifies a revolutionary shift into the Voltaire era.

Ongoing Struggle Continues

According to Cardano (ADA) price trends, the year was difficult and saw a significant decline. A precipitous fall of more than 41% has been recorded for ADA since the start of the year. As more and more whales withdraw from the network, the price of Cardano might take a hit from falling positive sentiment.

A large and steady decline has been seen in the overall volume produced by transactions worth more than $100,000. In only three months, this volume has fallen from $17.2 billion to $8.4 billion. And it’s likely only going worse from here.

There may be an upturn notwithstanding this general tendency of decline. The fact that the RSI is now below 40 lends credence to this notion. At the time of writing, ADA is trading at $0.3512, down 5.50% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 17.22%.

If the price continues to decline and goes below $0.35 level, then it will likely test $0.32 critical support level. However, if the price manages to go above $0.37 level, then it will likely climb all the way till $0.39 resistance level.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.