Cardano (ADA) has found itself caught in the grasp of a bearish trend, causing a noticeable decline in its value and a worrisome downturn in both the 24-hour trading volume and the market cap.
According to the latest data from CoinMarketCap, ADA’s price has experienced a significant decline of nearly 3% in the past 24 hours alone. Furthermore, the trading volume and market capitalization have suffered a considerable downturn, plummeting by approximately 21.84% and 2%, respectively.
While the immediate future may seem bleak for Cardano, there is a glimmer of hope when examining the weekly chart. ADA managed to achieve a modest gain of 2.21%, which provides some relief to investors and enthusiasts alike.
Taking a closer look at the price analysis, Cardano has remained relatively consistent at around $0.37, with slight movements within this range. It is worth noting that at the beginning of the month, ADA started off at $0.3973. However, over the course of the past 14 days, the price has experienced a notable dip of -5.2%, according to reliable data from CoinGecko.
The current sentiment for Cardano is bearish, with technical indicators and the Fear & Greed Index indicating extreme fear. Over the past 30 days, Cardano has decreased by 12.62%.
However, there may be a slight recovery in the coming month, with a projected increase of 113.98% by the end of May to reach around $0.79, according to the price predictions.
ADA is currently trading below the 200-day simple moving average (SMA), which has shown a selling signal for the past 326 days since December 31, 2023. The price is also below the 50-day SMA, indicating a sell signal.
Based on technical indicators, the 200-day SMA is expected to drop, with a projected price of $0.35 by the end of December. The short-term 50-day SMA for December 2023 suggests a price of $0.39. The RSI is currently at RSIValue, indicating a neutral position in the ADA market.
Cardano Network’s Developments
According to recent development updates, the blockchain network is making significant strides toward the Voltaire era by introducing CIP-1694 2, a groundbreaking on-chain governance model.
Registration is now open for the Zug workshop, where educators, developers, stake pool operators, and academics can contribute their perspectives on CIP-1694.
The workshop aims to promote collaboration and enhance community participation in areas like voting thresholds and community tooling. Limited to 40 attendees, the Zug workshop will be held on June 3, 2023.
In other news, Cardano’s Q1 2023 performance, including on-chain governance and growth, was discussed in an interview with Cardano Foundation CEO Frederik Gregaard and IOG CEO Charles Hoskinson.
Additionally, Cardano is entering the second phase of its Voltaire poll experiment on the mainnet, testing mechanisms for decentralized governance.
Further updates include improvements to Cardano’s governance model, solutions for blockchain scalability, and partnerships supporting social impact initiatives.
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