Cardano Bloodbath Grows, Is $0.7 Support at Risk

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.