A negative trend is evident on both the 50-day and 200-day exponential moving averages.
At the time of writing, ADA is trading at $0.37, down 7.72% in the last 24 hours.
A large segment of ADA holders are losing money, since just 30% are now in profit, according to IntoTheBlock statistics. Major investors own 28% of the ADA token, indicating a relatively high amount of whale control. This might affect the price stability and the dangers of manipulation.
Market conditions, including increased regulatory scrutiny and an overall negative view of the cryptocurrency sector, have also contributed to ADA’s difficulties.
Bears in Total Control
After failing to maintain its support levels and breaking through many important support zones, ADA has been trending downward on a continuous basis. The current drop has brought Cardano’s value down to its lowest position since 2024, suggesting that the ecosystem may be experiencing more severe issues.
ADA is struggling to gain upward momentum, according to technical indications. A negative trend is evident on both the 50-day and 200-day exponential moving averages. At the time of writing, ADA is trading at $0.37, down 7.72% in the last 24 hours as per data from CMC. Moreover, the price is down 12.05% in the last 7 days.
If the price manages to go past $0.42 resistance level, then it will likely surge further to test $0.44 resistance level. However, if the price maintains the current bearish trend and goes below $0.36 support level, then it will likely test $0.32 level.
Charles Hoskinson, founder of Cardano, predicts a major event to occur in June. In accordance with Hoskinson’s declaration on June 9th, X, the Chang hard fork is imminent, and Cardano Node is anticipated to achieve version 9.0 this month.
The Chang hard fork marks the beginning of the Voltaire era of Cardano’s roadmap. By allowing Cardano token holders to vote on ideas and implementing on-chain community consensus, this era will bring about community-run governance.