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Cardano Price Enduring Bearish Trend, Retrace From $3 High

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When ADA
27
May
  • The total value of Cardano has plummeted in May.
  • Cardano is still enduring the crypto market’s bearish trend.
  • The “Ethereum-killer” has broken below $0.50, posing a greater risk of a 50% correction.

In the last week of May, the total value locked of Cardano fell as dApp interest and a worldwide cryptocurrency market downturn reduced investor enthusiasm. ADA has just dropped below the $0.50 support level in recent hours, implying a potential 50% decline to $0.25.

A breach of $0.40 is required to invalidate the current uptrend scenario. If the bears can breach this level, the $0.20 mark could be reinstated, resulting in a 60% drop from today’s ADA price.

In a recent tweet by Dan Gambardello, he said Cardano (ADA) has been one of the top altcoins throughout 2021, but the token has seen a sharp drop in value in May. The total value locked in staking on the Cardano network recently hit an all-time high, but ADA prices have been sliding lower. Dan further adds that bears are not the best price, but they are also extremely valuable.

After the successful Alonzo hard fork upgrade in September 2021, Cardano continues to defend its place in the decentralized finance (DeFi) sector. ADA has lost $205 million in total value locked since reaching a high in TVL of around $326 million on March 24, 2022. This figure fell to $120.86 million on May 26.

Cardano is a proof-of-stake (POS) network that provides unique security and sustainability to systems, societies, and decentralized applications (dApps). The Cardano Foundation, Emurgo, and Input-Output Hong Kong (IOHK) guarantee that the project remains true to its objective as the crypto environment continues to develop.

Cardano has been knocked out of the top ten by Oasis, Harmony, Moonriver, Celo, Bitcoin, Osmosis, Elrond, and Heco. The digital asset, on the other hand, still maintains a commanding lead in terms of value locked away in Gnosis, Fusion, Eos, Terra, Astar, and Algorand.

ADA has a market capitalization of over $16 billion. The cryptocurrency also had a trading volume of around $592 million in the past 24 hours. This figure is comparable to the current low trading volume in the crypto markets, which is down 14.64% from ADA’s numbers yesterday.

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