- Cardano’s (ADA) price was unable to capitalise on last week’s advances and fell.
- In the last week, ADA has fallen 12.70% in value and broke a crucial threshold of $0.3444.
The founder of the Cardano blockchain, Charles Hoskinson, has declared his intention to establish a decentralized social media platform in Brazil. X, formerly known as Twitter, and the country’s judicial system are increasingly at odds, prompting this action. The X platform was recently prohibited in Brazil as a result of many court challenges.
Unfortunately, Cardano’s (ADA) price was unable to capitalise on last week’s advances and fell, erasing most of those gains. The asset’s price had made a strong recovery last week.
Bears in Control
Investors who were banking on last week’s price increase may be disappointed to see ADA’s price fall this week. What makes it stand out is that it occurs hours before a crucial Cardano blockchain event, a hard fork dubbed Chang.
In the last week, ADA has fallen 12.70% in value and broke a crucial threshold of $0.3444. This key price range for ADA has many times served as support and resistance for the prominent crypto, and this level indicates the bottom edge of that range.
Even if its price has been declining as of late, Cardano is still very much a part of the cryptocurrency industry and has a portion of the total crypto market value. At the time of writing, ADA is trading at $0.3389, down 2.69% in the last 24 hours. Moreover, the trading volume is down 13.61%.
If the price continues to decline and falls below $0.33 support level, then it will likely test $0.30 level. However, if the price manages to cross above $0.35 then it will likely test $0.36 level. Breaking above this level will likely see price testing $0.40 resistance level.
