Investing.com – The Fed’s monetary policy decision last Wednesday led to a fleeting rally in cryptocurrency markets. But since this has passed, digital assets have experienced a continuous downward movement.
Cardano is no exception to this general negative development and ADA is now listed around 80% below its all-time high, which was reached in September last year with the introduction of smart contracts.
Since that date, almost 900 different projects have started to be developed on the Cardano blockchain, as reported by Input Output. However, according to Defillama, there are only six operational projects, with a total LTV of $180 million. Its biggest competitor, , has $98.95 billion in capital committed to projects of all kinds.
Cardano founder Charles Hoskinson recently tweeted that the cryptocurrency market as a whole is in a bearish phase. All the technical innovations currently being implemented will not change anything, as Explain Hoskinson:
“It’s called a bear market. It’s what we’re going through right now. Nobody’s changing a thing. Not even big news. Cardano could cure cancer, give you a personal poker bot that even drives your big -mother to church on weekends, and despite that, the decline would continue.”
Cardano Technical Course Marks
Cardano is currently losing -11.86% with a price of $0.6576.
The psychological level of $0.6500 is the next immediate support, followed by the 123.6 percent Fibo expansion at $0.6177.
If the latter fail to withstand the downside pressure, expect a test of the psychological level of $0.6000 and the 138.2 percent Fibo expansion of $0.5438.
The previous low at $0.7372 offers resistance that will need to be overcome to initiate a meaningful recovery.
By Marco Oehrl