Cardano Value Plummets More Than 12% in the Last Seven Days
In the wake of a bearish trend in the cryptocurrency market, Cardano (ADA) has taken a hit, with its value falling more than 12% in the last seven days. Technical indicators such as the RSI are pointing to further bearish movements for the token.
The overall sentiment in the market has been negative, following the footsteps of Bitcoin (BTC) which also remained bearish. However, historical data suggests that there may be hope for ADA investors, as previous trends indicate the possibility of a bullish rally in the near future.
Despite the recent downturn, Cardano remains a popular choice in the crypto space, with high social volume indicating its strong community support. The current market capitalization for ADA stands at over $20 billion, making it the ninth largest cryptocurrency by market cap.
Analysts are optimistic that Cardano may soon turn the tide, with historical data showing that after Bitcoin reaches an all-time high, ADA usually follows suit within a few months. With the recent ATH for BTC at $73,000, investors could potentially see a bullish rally for ADA in the coming days.
While on-chain metrics suggest a bullish outlook, technical indicators like the MACD and RSI are currently showing bearish trends. The Money Flow Index (MFI) and other indicators are also pointing towards a potential price decline in the short term.
Investors are advised to keep a close eye on the market movements and monitor Cardano’s performance closely in the coming days, as the cryptocurrency landscape continues to evolve.