holders had a tough time over the past week as prices declined. However, in terms of the DeFi sector, there was an uptick in interest observed.Despite the surge in DEX volumes, the TVL for Cardano has plummeted.
A waning interest in Cardano’s ecosystem could impact the protocol severely and may have a negative impact on ADA’s price movement as well.At press time, ADA was trading at $0.4489. Over the past few weeks, the price of ADA showcased multiple lower lows and lower highs, indicative of a bearish trend.
If the price of ADA re-tests and weakens the $0.512 level yet again, there is a possibility of a reversal in terms of price going forward.The RSI for ADA declined materially implying a falling bullish momentum. Moreover, the CMF for Cardano also fell materially indicating that the money flowing into ADA had significantly decreased.Another concerning factor about ADA would be its declining velocity.
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Source: CryptoAmb - 🏆 22. / 68 Read more »