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Home BREAKING NEWS

Cardano’s Price is Down and Here is Why

by Matoy
November 4, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Cardano’s price declines for the third consecutive day, down 2.7% to $0.332
  • Onchain data shows a significant drop in trading volume and total value locked on Cardano
  • Technical analysis points to a continued downtrend with resistance at $0.34

Cardano’s ADA token has extended its losing streak, marking three consecutive days of declines as of November 4. Data from TradingView shows ADA falling from its recent peak of $0.363 on November 2 to a low of $0.328 on November 3, a drop of 9.6%. At the time of writing, ADA trades at $0.332, representing a 2.7% decline over the past 24 hours.

Source: TradingView

Onchain Data Signals Decreasing Interest

The price slide for ADA aligns with weakening metrics across the Cardano network. According to data from Artemis, ADA’s daily DEX trading volume dropped sharply from $4.2 million on October 31 to $1.83 million by November 3, hitting its lowest level since mid-October. Additionally, overall trading volume decreased by 51% from $545 million to $361 million during the same period.

DefiLlama data further shows that the total value locked (TVL) in the Cardano ecosystem fell from $248.6 million on September 28 to $208.5 million on November 4. These figures indicate reduced activity and trader interest, contributing to ADA’s 7% price decline over the past month.

Technical Analysis and Bearish Trends

From a technical perspective, ADA’s current correction is part of a larger downward cycle that began in mid-March, after it reached a two-year high of $0.81. Profit-taking ensued when ADA’s relative strength index (RSI) crossed into overbought territory above 70, signaling a potential trend reversal.

The weekly chart displays ADA trading within a descending parallel channel, with the RSI at 41, indicating ongoing bearish conditions. Recent price action confirmed resistance at $0.34, the upper boundary of the channel. Failure by buyers to turn this level into support could increase the likelihood of ADA continuing its downtrend.

Support for this negative outlook comes from the Money Around Price (IOMAP) model, which shows a significant cluster of addresses holding ADA between $0.34 and $0.49, suggesting strong resistance at these levels. Without a bullish reversal, ADA may face further declines in the coming weeks.

Tags: Cardano
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