For cryptocurrency investors, the weekend is still a challenging period. Cardano’s ADA has been on a downward trend since late December, with no indications of recovery. The bears have managed to maintain their influence on the market today, sending the price down to its previous low of $1.16.
ADA price was trading between the tight range of $1.14 and $1.23 in the last 24 hours. The coin has lost more than 15 percent in the last seven days.
As for the seventh-largest coin, the important resistance levels are at 1.2 and $1.5. If the bears take over, then the first support level is at $1 after which the second support level is at $0.8.
The daily RSI continues to decline after hitting a lower high. The short-term trend is clearly bearish.
Cardano Ecosystem is Blooming
Max Maher, a crypto reviewer, and researcher was blunt in his assessment of Cardano’s failure to catch the trend train in time for the DeFi explosion.
According to him, we can’t entirely let Cardano off the hook here. They largely lost out on the $100 billion DeFi sector’s rise this year. However, it appears that certain catalysts are on the horizon.
Cardano’s accomplishments in Africa, including plans for “Web3 financial solutions” and an agreement in Ethiopia for millions of decentralized identities, were also highlighted by Maher. According to the researcher,
“I see Cardano picking up more and more governmental partnerships in the future.”
Charles Hoskinson, the founder of Cardano, claims that the ecosystem is actually busier than most people realize. He emphasized that DEXs were already on the testnet, in addition to a few on the mainnet.