Published on mei 22, 2024, 4:40 pm
Image source: Fox News
```json { "TLDR": "ADA price faced downward pressure, dropping to $0.558 on April 10 amid reduced trading volume and active core developers. Metrics like GitHub commits, transaction volume, and total value locked on Cardano network decreased, impacting ADA's short-term price movements. Technical analysis indicates a corrective cycle for ADA after peaking at $0.81 in mid-March, with a recent rejection from key resistance levels reinforcing the downtrend." } ```
The ADA price continues to face downward pressure as several factors impact the altcoin. On April 10, Cardano’s native token experienced a significant portion of the daily losses incurred in the cryptocurrency market rout.
Data from various sources indicates that ADA saw a decrease to an intraday low of $0.558 on April 10, marking a 3% decline over the previous 24 hours. The decline in ADA price seems to align with a drop in trading volume and the number of core developers working on the project.
Analytics reveal that the reduction in ADA price coincides with a decrease in its trading volume and active core developers. The number of GitHub users making commits to Cardano’s repository dropped by 16.5% from March to April, while transaction volume decreased significantly.
Moreover, data suggests that the total value locked (TVL) on the Cardano network also saw a decline during this period. These metrics seem to have influenced ADA’s short-term price movements, indicating a correlation between these fundamental aspects and ADA’s recent price drop.
Technical analysis shows that ADA is currently undergoing a corrective cycle following its peak in mid-March when it hit $0.81. Traders may have taken profits as the relative strength index (RSI) signaled overbought conditions, leading to a downtrend confirmed by its movement within a descending parallel channel.
The recent rejection from key resistance levels at around $0.61 further reinforces the prevailing downtrend for ADA unless this level can be successfully flipped to support by bullish momentum.
Investors should note that this article does not provide investment advice, and all financial decisions involve inherent risks. It is advisable for readers to conduct thorough research before making any investment or trading choices in the volatile cryptocurrency market.
Original article posted by Fox News
