Cardano and the crypto market are in one of the trying periods for the bulls. The global cryptocurrency market cap is down by more than 5% at the time of writing.
This valuation is due to the most recent drop in the prices of most cryptocurrencies. A closer look at the top 100% reveals that the top gainers are mostly stablecoins as other assets are down by a huge margin.
For example, over the last seven hours, EOS lost more than 26%. It kicked off trading at $0.89 and met strong selling pressure that saw flip several supports.
One such level is the $0.80 barrier. The asset tore through it and continued it downtrend. However, it is recovering after rebounding at $0.60.
Other assets like DASH and SOL are also down by more than 20%. Dash opened the current intraday session at $38 and dipped to a low of $25. Similarly, Solana kicked off trading at $17 and dipped to a low of $13 before rebounding.
As a result of the massive decrease in the value of most assets, the derivatives market is also seeing a lot of activity. Over the last twelve hours, the bulls lost more than $300 million. More than 80% of this figure was lost during the last four hours.
Since the week started, most assets struggled to hold key levels. However, Cardano was one of the worst-hit coins. It is currently trading at $0.24 which is far from its opening price.
Cardano is Still Struggling After Rebound
The asset kicked off trading the current trading session at $0.29 but retraced due to the massive bearish sentiment across the market. It dipped to a low of $0.23 before rebounding. Nonetheless, after the trend reversal, the asset is still struggling at $0.24 and did not leave this price mark for the past two hours.
This marks Cardano’s fourth day of massive downtrends. The pattern started on Monday as ADA lost more than 6%. During this period it lost the $0.35 support which it held for more than fourteen days.
Another major drop in value happened on Wednesday when the altcoin opened at $0.35 and made an attempt at $0.32 but failed to break. However, it rebounded at the mark and closed a little above it. Nonetheless, it closed with losses of almost 9%.
The previous intraday session was another bearish period. ADA flipped $0.30 and lost more than 8%.
The situation with indicators are not positive either. For example, the 50-day MA is arched downwards. The curve is more evident following price performance this week that saw the altcoin lose 35%. The current moving average reading is an indication of an impending Death Cross.
Following Monday’s action, the Moving Average Convergence Divergence flipped bearish. The 12-day EMA intercepted the 26-day EMA and dipping. This is also the same state as the Relative Strength Index. It currently below 20 which indicates the coin is oversold
