With its present price, the cryptocurrency is trading at a level not seen since November 2023.
At the time of writing, ADA is trading at $0.35, down 7.01% in the last 24 hours.
Over the last month, Bitcoin has maintained its downward trajectory. Bitcoin fell to $53,485—its lowest point in four months—a decline of 8.55%. The collapse and selling pressure are linked to the Bitcoin repayments made to creditors by the now-defunct cryptocurrency exchange Mt. Gox.
While the week started with a price movement over $60,000, BTC has since fallen steadily to $54,000, proving that it couldn’t withstand the intense selling pressure. With a score of 29, the Bitcoin Fear and Greed Index indicates that market participants are quite fearful.
Bears in Total Control
Amidst market instability, altcoins turned red after Bitcoin’s price collapse. Cardano (ADA), one of the most valuable cryptocurrencies, is continuing to exhibit indications of a downturn. On July 4, during the intraday trading session, the Age Consumed statistic for Cardano (ADA) reached a 35-day high, indicating that tokens that were inactive before are now moving hands.
According to the surge in its Age Consumed measure, 1.32 billion ADA coins were transferred on July 4, which is equivalent to almost $433 million at current market values.
The beginning of July marked the start of ADA’s downward trend. With its present price, the cryptocurrency is trading at a level not seen since November 2023. At the time of writing, ADA is trading at $0.35, down 7.01% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 35.97%.
If the price manages to somehow break the bearish shackles and climb above $.38 level, then it will likely test $0.40 resistance level. However, if the current bearish momentum continues and the price goes below $0.32 level, then it will likely test $0.30 support level.