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Crypto investors have been keeping a close eye on Cardano (ADA) lately. For example, one Reddit user says that the current rate of price change is the slowest since January 2021.
Coingecko, on the other hand, reports that the value of Cardano is down 15% in the last two weeks and 24% in the last month.
Despite the introduction of Vasil’s update, ADA was unable to gain traction and make a comeback. ADA is currently trading at $0.3673. It is possible, however, that this is just a speck of green in a sea of red.
Investors in Cardano tokens are in a tough spot as the network continues to depreciate: should they keep their holdings or sell some coins to stop the bleeding?
Cardano at a crossroads: keep or dump?
At the time of writing, the signs for the sign are very pessimistic. The Bull Bear Power indicator indicates that the market is bearish.
However, the lows on the Chaikin money flow index coincided with the March lows, putting the bull and bear line close.
The Stoch RSI is also in oversold territory. This indicates that most investors are riding the sell-off with the bears.
There is no doubt that this gloomy mood in the market is increasing Cardano’s chances of recovery. The current macroeconomic factors are weighing on the cryptocurrency as well as the rest of the financial sector.
The bears are also challenging the Bollinger Band lower. This is putting significant downward pressure on the tire.
Cardano: selling everything now?
The coin is currently trading between $0.3500 and $0.5946 and like the indicators, the overall outlook for Cardano is not favorable.
- As ADA tries to recover from one of the most violent downturns in history, a much bigger and more significant fall was already in the making before the current selloff.
- From the market data already available, we can conclude: Vasil’s update did not address investor confidence.
- The 20-day and 10-day exponential moving averages act as dynamic resistance levels for the cryptocurrency.
- Current support sits around the 61.80 Fibonacci level, which is around $0.3535. However, the latest charts suggest that the signal may return to the 78.60 Fib level, which is currently at $0.3771.
In the following days or weeks, the token will likely continue to fall as Cardano struggles for stability.
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Text credit: Newsbtc
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