Cardano

<ul>
 <li><strong>If the price manages to break above $0.37 level, then it will likely retest $0.39 resistance level.</strong></li>
 <li><strong>At the time of writing, ADA is trading at $0.3639, up 0.69% in the last 24 hours.</strong></li>
</ul>
<p>In a momentous statement made yesterday on Twitter, the Midnight team, a division of Input Output Global (IOG), the company behind the Cardano blockchain announced that the Midnight Network devnet is now live.</p>
<p>This statement announces the dawn of an era of change for the <a href="https://thenewscrypto.com/cardano-ada-faces-minor-correction-despite-bullish-momentum/" target="_blank" rel="noopener noreferrer nofollow">Cardano</a> community, introducing the Midnight Network, a privacy-centric blockchain meant to address rising concerns about digital privacy. IOG’s dedication to improving data security in blockchain technology is shown by the introduction of the devnet.</p>
<p>Data from IntoTheBlock shows that the weekly rate of new user adoption has remained quite high for Cardano. On November 9, the percentage of new ADA users hit a monthly high of 32.3%. Moreover, it’s been over 30% for the last five days, something that’s happened just eight times in the past three months.</p>
<h3 class="wp-block-heading" id="bears-dominate">Bears Dominate</h3>
<p>On Tuesday, after the announcement of the U.S. Consumer Price Index (<a href="https://thenewscrypto.com/crypto-traders-await-upcoming-cpi-data-for-market-direction/" target="_blank" rel="noopener noreferrer nofollow">CPI</a>) for October, the crypto market took a significant nosedive, with Bitcoin’s price falling from around $38,000 to roughly $35,000.</p>
<p>At the time of writing, Cardano (ADA) is trading at $0.3639, up 0.69% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 2.17%. The price failed to clear above the $0.39 level and has been facing selling pressure ever since. It recently found support at $0.35 level and is striving for a potential rebound.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/11/ADA_7D_graph_coinmarketcap-3.png" alt="" class="wp-image-85727" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/ADA_7D_graph_coinmarketcap-3.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/11/ADA_7D_graph_coinmarketcap-3-300x181.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/11/ADA_7D_graph_coinmarketcap-3-150x90.png 150w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price manages to break above $0.37 level, then it will likely retest $0.39 resistance level. However, if bears drive the price below $0.35 level, then it will go all the way till $0.32 support level.</p>

Cardano Price Faces Brief Correction as Crypto Market Struggles

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TheNewsCrypto

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