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Cardano, one of the largest PoS networks, has been experiencing continuous declines in rankings this year. So, what does the current situation indicate? Will the fluctuations in Bitcoin price lead to a new bottom for ADA Coin? We will discuss the current ADA Coin price predictions based on on-chain and technical indicators. Here are the details.
Cardano (ADA) Chart Analysis
Before the decline in BTC, the popular altcoin was already under the control of sellers due to its closings below $0.3. During the drop on August 17th, the price bounced off the $0.24 support. It had also tested a similar support level during the SEC blow on June 10th. However, since the price failed to surpass $0.35 and the overall market sentiment turned negative again, it is finding buyers near the bottom today.
In order to recover, it needs to close above $0.2748. If it can achieve this, the price can reclaim the $0.3 support. However, in a negative scenario, it can drop to $0.2 or below, which was its price at the beginning of 2021.
ADA Coin Reviews
Cardano had a tough week as its price dropped to double-digit figures. While this price decline can primarily be attributed to the overall bearish trend in the market, several other factors may have played a role as well. One of these factors is the decline in network activity. Santiment’s graph revealed that development activity had decreased throughout last week. The reason behind this was revealed in ADA’s weekly development report.
Interestingly, despite the decrease in development activity, network activity remained high. This can be understood from the fact that the daily active address count remained stable. The price drop led to increased negative sentiment around the token in the market. As the social volume decreased, Cardano’s popularity also declined. However, the Open Interest of ADA Coin has decreased in the past few days, indicating that the downward trend may soon come to an end.
Additionally, the red funding rate on Binance suggests a possible change in the ongoing price trend. ADA’s MACD has shown a downward dominance in the market. Furthermore, CMF is negative. It is possible that investors may experience greater losses with the expected BTC volatility in the coming week.
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