Cardano

Hydra

Impact

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<p dir="ltr">The price of Cardano (ADA) is losing its crucial edge on the market as it entered a consolidation phase that proves it is truly oversold.<a href="https://coinmarketcap.com/currencies/cardano/" rel="noopener noreferrer nofollow">Per</a> data from CoinMarketCap, the price of Cardano has dropped in 24 hours from $1.09 to its current price of $0.9998, down by 1.03%. Losing the $1 support zone spells a dire outlook for the coin as overheating and volatility spark rare sentiment.</p>
<h2 id="cardano-sell-off-is-bubble-over">Cardano sell-off, is bubble over?</h2>
<p dir="ltr">The ADA Relative Strength Index (RSI) is pegged at 78, showcasing its massive overbought sentiment. With the fall below $1, how hard it could fall remains to be seen.</p> <img src="https://u.today/sites/default/files/inline-images/ADA_1D_graph_coinmarketcap%20%285%29.jpeg" data-entity-uuid="a57ec5d0-a6ab-4835-aa8b-10a239fdd6d5" data-entity-type="file" data-caption="<a href=&quot;https://coinmarketcap.com/currencies/cardano/&quot;>Cardano 1D Price Chart. Source: CoinMarketCap</a>">
<p dir="ltr">Cardano<a href="https://u.today/cardano-ada-breaks-crucial-resistance-with-27-rally-whats-next" rel="noopener noreferrer nofollow">breached</a> the $1 benchmark on Nov. 23, ending a more than three-year stalemate below the level. Over the past month, the protocol has ranked as one of the best-performing assets on the market.</p>
<p dir="ltr">With the price of Bitcoin (BTC) falling from its ATH above $99,000 to $95,000, market sentiment has shifted, with a potential return to pre-hype levels.</p>
<p dir="ltr">Over the past week, Cardano has still been up by over 33%, with the monthly surge soaring by 204%. During this period, data from IntoTheBlock hinted that 68% of addresses on the network are "In the Money" or profitable. It is logical that these profitable traders are choosing to sell off.</p>
<h2 id="anchor-points-for-cardano">Anchor points for Cardano</h2>
<p dir="ltr">Amid the ongoing price sell-off, Cardano, like other altcoins, is focusing on developmental growth. From the decentralization push of the<a href="https://u.today/genesis-keys-are-dead-charles-hoskinson-issues-crucial-chang-update" rel="noopener noreferrer nofollow">Chang hard fork</a> to the Hydra Doom testnet update, the protocol is pushing to become a reference point in the industry.</p>
<p dir="ltr">Over time, Cardano has presented itself as a formidable competitor to key rivals like Solana. While SOL has a history of downtimes, Cardano recently<a href="https://u.today/cardanos-major-uptime-milestone-ada-community-reacts" rel="noopener noreferrer nofollow">celebrated</a> years of uptime, a major validation of its reliability.</p>
<p dir="ltr">With the sudden shift to a massive rally stunning the broader market, the overall outlook for Cardano remains bullish. This might help it pull off a major comeback as the market settles.</p> <a href="https://u.today/cardano-ada-falls-below-crucial-support-brace-for-impact" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Cardano (ADA) Falls Below Crucial Support, Brace for Impact

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