Cardano (ADA) Price Update

Cardano (ADA), the 10th-largest cryptocurrency by market capitalization, continues to struggle amid broader market weakness and investor caution, trading near lows of $0.52 last seen in early April.

As of the latest report, Cardano was down 7.85% in the last 24 hours to $0.5478, part of a broader crypto sell-off that has seen $1.01 billion in liquidations due to renewed market volatility.

The price has slowly declined since its June 11 high of $0.736, with 11 out of 12 trading days in the negative, including today’s drop.

The slump has lasted six straight days since June 16, reaching an intraday low of $0.56. However, chart signals are now suggesting an imminent rebound.

Cardano Flashes an Oversold Signal

According to the Relative Strength Index (RSI) on the daily chart, ADA might have reached deeply oversold territory, with the RSI falling below the typical 30 threshold to just 23. Historically, this level has signaled a probable reversal.

The RSI is a momentum oscillator that measures the speed and change of price movements. A reading below 30 typically indicates that an asset is oversold, suggesting that selling pressure has been overextended, and a bounce might be imminent. Cardano’s current RSI of 23 indicates that the bearish momentum might be fading.

Technical traders often monitor low RSI levels, viewing oversold conditions as potential setups for a relief rally or possibly a trend reversal.

Cardano News

Ford is supporting Iagon and Cloud Court in their Cardano-based legal data storage proof-of-concept.

The recent launch of a new proof-of-concept initiative, involving decentralized storage platform Iagon, legal tech firm Cloud Court, and Ford Motor Company, highlights institutional interest in the Cardano ecosystem.

The pilot project seeks to assess the feasibility of merging Cardano’s blockchain technology with Iagon’s decentralized cloud storage for secure legal data management.

Additionally, the Cardano Blueprint, a knowledge base for better understanding the Cardano blockchain, has been unveiled by Input Output. In another milestone, the Cardano network surpassed 110 million transactions, reaching 110.63 million.