Cardano remained under pressure and fell below the major support levels as Crypto’s bic-off.
Cardano (ADA) token fell at a low of $ 0.70 on Sunday, over 47% from its highest level in December last year.
Its decline has reflected other altcoins. For example, Polkadot (DOT) fell to $ 4.75, below 60% from its highest level in December. Similarly, the channel has fallen to 40% from its height of December.
Cardano accident occurred when a feeling of fear spread in the Crypto industry. Finely seen Crypto Fear and Greed Index have fallen into the feer zone of 35, a sign that investors are living on the sideline.
Cardano’s ecosystem is also not doing well. Defee lama Data shows that the total value is closed in its DEFI The ecosystem has fallen to $ 350 million, smaller than the blockchain network such as mental, chronos, zercit and berachain.
In particular, Cardano has a small market share in the Stabeloin industry, as its market cap is $ 22.48 million. It is much smaller than the market share of other chains such as Tron, Etharium and Pass Protocol.
Cardano’s network is also not earning enough money. Data suggests that the app of the ecosystem was only $ 1,236, a small figure for a crypto network that was more than $ 30 billion. Cardano has only 25,460 active addresses.
Cardano forecast
The daily chart suggests that the price of ADA in the last few months is under pressure, which has increased to $ 0.70 from $ 1.3268 in November today. It has fallen below significant support levels, which includes 50% fibonacci retracement point $ 0.80.
Cardano has also fallen below $ 0.7230 from 200-day moving average. Losing 200EMA levels is often seen as a large red flag in technical analysis. In addition, the coin has gone below the major support at $ 0.7610, the lowest swing and double-top neckline in December at $ 1.1630. A double-top is a highly popular recession inverted sign.
Therefore, the price of cardano may be under pressure, with the next point at a low of $ 0.5597 of the previous week with the next point. Such a step will be 20% accident from the present level.
If the value moves above the resistance point at $ 0.7610, the recession view will be invalid.
