Crypto Market Crash Triggers $1 Billion in Liquidations
The entire crypto market took a hit recently, with over $1.01 billion in liquidations in the past 24 hours. This sudden drop is due to renewed volatility and investor caution.
Cardano (ADA) Drops Sharply – Nears April Lows
Cardano (ADA), the 10th-largest cryptocurrency by market cap, is not immune to the sell-off. It's currently trading around $0.5478, down 7.85% in the last 24 hours. This price level hasn't been seen since early April.
ADA has been on a downtrend since hitting a high of $0.736 on June 11, falling on 11 out of the past 12 days, including today. It has dropped for six days straight since June 16, with an intraday low of $0.56.
Is a Rebound Coming? RSI Says ADA Is Oversold
Technical indicators suggest a potential bounce back. The Relative Strength Index (RSI) on ADA’s daily chart has dropped below 30, landing at 23 — a level considered "deeply oversold."
The RSI measures price momentum, and a score below 30 often hints that a coin is being oversold and might be ready for a reversal. This could mean the selling pressure is fading and a rebound could be near.
Positive Developments in the Cardano Ecosystem
Despite the price drop, Cardano continues to build and grow:
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Ford Motor Company is backing a Cardano-based project alongside Iagon (a decentralized storage platform) and Cloud Court (a legal tech firm). They are testing a system to securely store legal data using Cardano's blockchain and Iagon's cloud storage.
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Input Output (Cardano’s development team) launched the Cardano Blueprint, a resource to help people understand how Cardano works.
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The Cardano network just crossed 110 million transactions, reaching 110.63 million — a major milestone for the platform.
Conclusion: A Mixed Bag for ADA
While ADA’s price is struggling, the project’s fundamentals and partnerships remain strong. If the RSI indicator holds true, we may see a bounce in ADA’s price soon — but market volatility is still a factor to watch.
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