Cardano Bloodbath Grows, Is $0.7 Support at Risk
Main Idea
Cardano (ADA) has experienced a significant price drop, with concerns about the $0.70 support level, while long traders suffered heavy losses; however, potential recovery factors like oversold conditions and ecosystem developments like Starstream are noted.
Key Points
1. Cardano (ADA) dropped over 8% in 24 hours, wiping out $8.3 million in value, with long traders losing $8.12 million.
2. The broader cryptocurrency market crashed by 3.95%, impacting altcoins like Ethereum, which dipped 6.43% in the same period.
3. Cardano's price is at $0.7217, with concerns about breaking the $0.70 support level if bullish momentum fails.
4. The Relative Strength Index (RSI) at 31.57 suggests ADA is oversold, indicating potential for a rebound if market conditions improve.
5. Developers are working on Starstream, a tool to generate zk-proofs for smart contracts in web browsers, which could boost Cardano's long-term prospects.
Description
Cardano has retracted its price trend amid bearish August in view
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