Cryptocurrency investors have been keeping a close eye on Cardano lately. One Reddit user noted that the current rate of price change is the slowest since January 2021.
Coingecko reports that the value of Cardano has fallen by 15% in the last two weeks and by 24% in the last month.
Despite the introduction of Vasil’s update, ADA failed to gain traction and make a comeback. ADA is currently trading at a positive $0.3673. However, it may just be a single green dot in a sea of red.
Investors in Cardano tokens find themselves in a difficult position as the network continues to shed value: should they keep their holdings or sell some to stop the bleeding?
Crossroads: keep or download
At the time of writing, the symbolic indications are very pessimistic. Based on the bullish-bearish power indicator, it appears that the market is now trending down.
However, the lows of the Chaikin Money Flow Index are in line with the March lows, placing it near the bullish and bearish barrier.
The Stoch RSI is also in the oversold zone, which indicates that most of the investors are riding the selling wave on the side of the bears.
This gloomy market sentiment will certainly hamper Cardano’s chances of recovery. Current macroeconomic factors drag cryptocurrency along with the rest of the financial sector.
The bears are also challenging the lower Bollinger Band which is putting significant downward pressure on the coin.
Sell everything now?
The coin is currently trading between $0.3500 and $0.5946 and similar to the indicators, the broader outlook for Cardano is not favorable.
As ADA attempted to recover from one of the most violent downtrends in Cardano history, a much stronger and steeper decline developed even before the current sell-off.
From the already available market data, we can conclude that Vasil’s update failed to address investor sentiment.
The 20-day and 10-day exponential moving averages serve as dynamic resistance levels for the cryptocurrency.
Current support is around the 61.80 Fibonacci retracement level, which is roughly $0.3535. However, the latest charts indicate that the token may once again hover around the Fibonacci level of 78.60, which is currently sitting around $0.3771.
In the coming days or weeks, the Cardano token is likely to drop further as Cardano struggles to maintain stability.
ADA Total Market Cap at $12.6 Billion on the Daily Chart | Monex Securities Featured Image, Chart: TradingView.com Disclaimer: Analysis represents the personal views of the author and should not be construed as investment advice.
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