Cardano

Daily

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-extends-decline-as-support-near" rel="noopener noreferrer nofollow">Cardano Extends Decline as Support Near</a><br></p>
<p style="text-align: justify">Cardano (ADA) is facing a prolonged decline as it approaches a crucial support level. Currently the tenth largest cryptocurrency by <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">market</a> cap, ADA has seen downward pressure increase over the past 30 days. At present, ADA is trading at $0.43, positioned at the lower trend line of a descending triangle, a critical support level that could determine its short-term future.</p>
<h2 id="why-are-daily-addresses-on-cardano-decreasing">Why Are Daily Addresses on Cardano Decreasing?</h2>
<p style="text-align: justify">The broader market downturn and a steady decrease in ADA demand have impacted the popular altcoin. Observations using the 30-day moving average (MA) show ADA’s daily active addresses fell by 25% last month, suggesting fewer unique addresses are interacting with the <a href="https://en.bitcoinhaber.net/exploring-bonk-tokens-surge-and-ecosystem-developments" rel="noopener noreferrer nofollow">token</a> on a daily basis. This reduction in demand may be influenced by the low profits from ADA <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investments</a> during the same timeframe.</p>
<h2 id="what-does-current-data-indicate-for-ada">What Does Current Data Indicate for ADA?</h2>
<p style="text-align: justify">Evaluating ADA’s daily profit/loss transaction volume ratio, using the 30-day MA, reveals a price of 0.87, indicating that only 0.87 of every ADA transaction was profitable last month. The 1-day chart shows a descending triangle formation, and momentum indicators suggest a continuation of the downtrend. The relative strength index (RSI) remains below the neutral line of 50.0, signaling a preference for distribution over accumulation among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a>.</p>
<h2 id="what-should-investors-watch-out-for">What Should Investors Watch Out For?</h2>
<p style="text-align: justify"><a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">Investors</a> should monitor the following:</p>
<ul>
 <li>ADA’s price reaction at the $0.43 support level.</li>
 <li>Changes in the daily active address metric.</li>
 <li>Performance of the RSI and other momentum indicators.</li>
 <li>Price movements below the next critical levels at $0.42 and $0.36.</li>
</ul>
<p style="text-align: justify">These factors could provide insights into ADA’s potential recovery or further decline.</p>
<p style="text-align: justify"><strong>Conclusion</strong><br>Cardano’s current trajectory suggests continued downward movement unless bullish support intervenes. Investors should keep an eye on key indicators and support levels to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cardano-extends-decline-as-support-near" rel="noopener noreferrer nofollow">Cardano Extends Decline as Support Near</a></h5>

Cardano Extends Decline as Support Near

Table of Contents

BH NEWS

Other articles published on May 14, 2024

N-PIK is getting ready for LBank Listing for PIK Token!

Whales aren’t scared of Bitcoin fall, Here’s why?

Pepe Price Prediction As PEPE Sets A New All-Time High And This New AI Meme Coin Presale Races To...

Jupiter (JUP) Price Displays Bearish Action! Hints A 10% Drop This Week?

FLOKI Price Prediction: As FLOKI Soars 21% To Outperform SHIB, BONK, And WIF, Experts Say This DO...

GameStop Price Prediction: GME Explodes 392% After Roaring Kitty Posts On X As Traders Rush To Bu...

Join our free newsletter for daily crypto updates!