Flow

Cardano

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-faces-challenges-in-volatile-crypto-market/" data-wpel-link="internal">Cardano Faces Challenges in Volatile Crypto Market</a> 
Cardano (ADA) continues to face challenges in the highly volatile <a href="https://en.coin-turk.com/qcp-capital-experts-share-insights-on-crypto-market-trends/" data-wpel-link="internal">cryptocurrency market</a>, significantly impacted by selling pressure. As of Wednesday, ADA’s price fell by 0.6%, dropping below the $0.4 threshold and struggling to find support above this level. The price movement indicates a downtrend characterized by lower highs and lower lows, with the price trading below both the 50-day and 200-day exponential moving averages (EMAs), suggesting continued downward pressure unless <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a> improve. 
<h2 style="text-align: justify" id="strong-ada-s-technical-outlook-indicates-a-downtrend-strong">ADA’s Technical Outlook Indicates a Downtrend</h2> 
ADA‘s primary support is around $0.30, highlighted by the lower boundary of the descending channel and past price data. If the downward momentum continues, the altcoin could potentially fall further, reaching a significant support level at $0.3165 and possibly hitting the year’s lowest level. The nearest resistance on the upside is at $0.42, aligned with the 50-day EMA, while stronger resistance is at $0.50, where the 200-day EMA and previous highs converge. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375624" src="https://coin-turk.com/wp-content/uploads/2024/07/Cardano-ADA-Analiz.jpeg" alt="" width="1280" height="538"> 
Currently, technical indicators for ADA present a mixed outlook. The Relative Strength Index (RSI) stands at 45.63, indicating a neutral stance but leaning towards the oversold region. This suggests potential for further decline before any recovery. Additionally, the Chaikin Money Flow (CMF) indicator at -0.07 reflects stronger selling pressure compared to buying pressure, confirming the bearish trend. 
<h2 style="text-align: justify" id="strong-on-chain-data-also-negative-strong">On-Chain Data Also Negative</h2> 
On-chain data also supports the bearish outlook for ADA. Data from Santiment reveals a significant decline in Cardano’s on-chain volume since March, recently dropping from $11.5 billion to around $1.5 billion. This decrease in volume indicates reduced activity and interest in the ADA network. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-375625" src="https://coin-turk.com/wp-content/uploads/2024/07/ADA-Cardano-Altcoin.jpeg" alt="" width="679" height="230"> 
Similarly, data from Coinalyze shows a slight increase of 1.81% in ADA’s open interest, indicating minimal new capital inflow into ADA, while the daily funding rate shows a small increase. 
In a recent development, the U.S. Securities and Exchange Commission (SEC) revised its classification of ADA, no longer considering it a security in its ongoing case against Binance. This change is expected to have positive effects on ADA and the broader cryptocurrency market, potentially influencing <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> ETF approvals and regulatory clarity. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-faces-challenges-in-volatile-crypto-market/" data-wpel-link="internal">Cardano Faces Challenges in Volatile Crypto Market</a></h5>
The post <a href="https://en.coin-turk.com/cardano-faces-challenges-in-volatile-crypto-market/" data-wpel-link="internal">Cardano Faces Challenges in Volatile Crypto Market</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Cardano Faces Challenges in Volatile Crypto Market

Table of Contents

COINTURK NEWS

Other articles published on Jul 31, 2024

Mr. Black to Unveil Groundbreaking 21,000-Piece Ordinal Collection on Bitcoin

Elys Network: Universal Liquidity Layer

ZKX plunges 50% as protocol winds down services due to low user demand

Uber Shares Gain On Strategic Partnership with EV-Maker BYD Auto

Ethereum Enthusiasm Skyrockets: Discover the Key Drivers Behind Its Surging Interest

Decentralized Social Price Prediction: DESO Plunges 44% As SEC Charges BitClout Founder And This ...

Join our free newsletter for daily crypto updates!