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Cardano Resists Downward Pressure, Can ADA’s Price Push Bears Away?

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Cardano (ADA) monitors the general sentiment in the market. The fifth cryptocurrency in terms of market capitalization is on a downward trend, but at a slower pace than larger cryptocurrencies.

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At the time of writing, Cardano (ADA) is trading at $0.48 with a loss of 6% and 14% on the 24-hour and 7-day charts, respectively. Second Cryptocurrency by Market Cap: Ethereum (ETH) lost 30% over the same period, Binance Coin (BNB) lost 24%, Solana (SOL) lost 24% and XRP lost 18% in the last 7 days. .

Bitcoin BTC BTCUSD
BTC is trending down on the 4-hour chart. Source: BTCUSD Trading Review
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Developer Cardano Input Output Global (IOG) recently announced two products that could contribute to ADA’s short-term price strength. The company introduced a new wallet called Laceand deployment of new Ethereum virtual machine (EVM).

Lace aims to be Cardano’s new lightweight wallet and help it gain wider adoption. The wallet will provide users with “enhanced features and ease of use.” YOG said:

IOG is developing Lace, a “one-stop-shop” for all blockchain transactions. This new platform will be feature-rich yet lightweight, allowing you to streamline your online finances. Acting as a portal to Web3.0, Lace will include elements of true decentralization.

On the other hand, the EVM was deployed on one of Cardano’s testnets. This tool will allow developers to build or port their applications based on Solidity. Sebastien Guillemot, CTO of infrastructure construction company dcSpark, believes EVM on Cardano will allow the ecosystem to become a blockchain like Cosmos or Polkadot.

This could allow products to launch independently of the main Cardano network and develop their own momentum. In the future, this may contribute to the growth of the entire ecosystem.

Cardano (ADA) With Selling Pressure Increased, Here Is Critical Support

The growth prospect of the Cardano ecosystem has been one of its key pillars. Blockchain has recently rolled out its smart contract capabilities but has yet to see them fully realized.

Material Indicators (MI) data captures increased selling pressure from investors with sell orders above $10,000 (red in the chart below). Meanwhile, the whales (purple and brown in the chart below) remained neutral for at least a short amount of time.

Cardano ADA ADAUSDT MI1
Source: Significant indicators.

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As MI shows, there are more than $1.5 million in applications below its current level. These orders should act as critical support in case of a further drop.





Credit : www.newsbtc.com

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