Cardano’s [ADA] price is battling its ongoing downtrend since November this year as the asset continued to hit lower highs over a span of just 30 days. In fact, ADA recorded a decline of 60% in just 3 months from its all-time peak of $ 2.96 back on 2nd September 2021. At the time of writing, the altcoin’s asset is exchanging hands at $1.35 with a 24-hour trading volume of $1.71 billion. In the last 24 hours, the asset recorded a notable increase of 8.76% but was down by 2.74% in the weekly index. The 6th ranked coin’s market cap stood at $44.90 billion.
What do Cardano’s daily technicals indicate?
The Stochastic RSI has bounced from the oversold region after undergoing a bullish crossover indicating a positive signal for the buyers. Secondly, the bars switching to the green of the Awesome Oscillator [AO] is depicting a much-needed turnaround to bullish price movement in the asset market. However, the MACD is gearing for a bearish crossover amidst increasing sell pressure.
Here what’s brewing in the Cardano ecosystem
Earlier on December 6th, Cardano’s creator Charles Hoskinson revealed that its research and development firm Input Output aka IOHK has started working to protect against malicious attacks on the Cardano network by deploying ‘quantum-powered adversaries‘.
Speaking on the project in the video released on his YouTube channel, the founder said the first step would be to run simulations to check vulnerabilities in Cardano’s algorithms and thereby making the ecosystem quantum-resistant. Reading along with the same, Hoskinson stated,
The first thing you need to do is model the algorithms we have against the quantum adversary. We have started that process, but that’s not in scope for the deliverables in 2022. However, the knowledge is there, the people are there and if it’s a priority for the next five years of Cardano, it’s something that can be done.