- ADA just hit RSI 23 — signaling it’s deeply oversold and could be near a reversal
- Price dropped nearly 8% in a day amid broader crypto liquidations totaling $1B
- Despite price pressure, Cardano’s ecosystem is expanding with new real-world use cases like Ford’s legal data pilot project
Cardano (ADA), once a top contender in the smart contract race, is feeling the squeeze again. It’s been trading near its April lows, hovering around $0.52, while broader crypto markets get rattled by fresh volatility. As of now, ADA’s sitting at $0.5478 — down almost 8% in the past 24 hours. That drop’s part of a larger crypto-wide liquidation wave, with over $1 billion wiped out thanks to a messy market shake-up.
It hasn’t exactly been a good stretch for ADA either. Since topping out near $0.736 on June 11, Cardano’s logged red candles in 11 of the last 12 sessions. That includes six straight days of bleeding since June 16, dragging it as low as $0.56 intraday. Still, some technical watchers think the pain might be bottoming out — and that a bounce could be closer than folks think.
Oversold Signals Flash on the Charts
Zooming into the daily chart, the Relative Strength Index (RSI) has dropped below the oversold threshold — now sitting at 23. That’s well under the usual 30-level that traders use to signal a market’s been stretched too far. In past cycles, dips into this range have sometimes foreshadowed quick rebounds or even larger reversals.
The RSI measures momentum, basically telling us how fast and how sharply price is moving. And when it’s this low, the message is usually: too much selling, too fast. That doesn’t guarantee a rally’s coming, but it does suggest the bears might be running outta steam. Some traders look at that and think: time to position for a little upside relief, maybe.
Real-World Momentum Still Brewing
Despite all the price drama, Cardano’s ecosystem keeps chugging along. Ford — yeah, the automaker — just backed a new proof-of-concept project involving decentralized legal data storage. The pilot taps into both Iagon, a decentralized storage platform, and Cloud Court, a legal tech firm. They’re trying to merge legal data systems with blockchain — using Cardano as the base layer.
On top of that, Input Output has launched “The Cardano Blueprint,” a resource built to simplify blockchain education and developer onboarding. Oh, and the network just crossed a major milestone — over 110 million transactions recorded. That kind of usage doesn’t always show up in the price chart right away, but it’s the stuff long-term investors are watching closely.
