Cardano’s (ADA) price is trading modestly lower on Friday in a consolidated range. ADA price has not seen much change in sentiment for the past few sessions. The gains in the US dollar keep the pressure on the riskier assets. As the market continues to digest the multiple interest rate hikes by the US Federal Reserve in 2022.
- Cardano continues to trade lower on Friday.
- Price sits near April lows after correction up to 61%.
- Traffic increase on blockchain since September, highest in January.
At the press time, ADA/USD is trading at $1.025, down 1.78% for the day. The total market cap is at $34,380,554,863 with a 24-hour trading volume at $1, 408,611633 as per the Coinmarketcap.
Cardano struggles for Survival despite rise in 90+ blockchain overload
Cardano (ADA) is seeing a block size increase since November with all-time highs for network activity. As per the Cardano Blockchain Insights, blockchain load spiked on January 14th. To meet the rising network demand, Cardano announced an increase in block size by 12.5% two months ago.
On the daily chart, Cardano’s (ADA) price has fallen more than 60% from its ATH made on November 9. The ascending trend line from the mentioned level acts as a strong resistance barrier for the bulls.
ADA buyers tested the trend line on January 18 but failed to sustain there and tested all-time lows at 0.923 on January 22.
The momentum oscillator daily relative strength index (RSI) trades at 38, which indicates the continuation of the downtrend in the pair.
On the other hand, if the price is able to sustain the $1.018 then it can move up to the bearish slopping line at $1.40.
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