Cardano Resists Downward Pressure, Can ADA’s Price Push Bears Away?
June 13 2022 - 5:31PM
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Cardano (ADA) has been following the general sentiment in the
market. The fifth cryptocurrency in terms of market capitalization
has been trending to the downside but at a slower pace than larger
cryptocurrencies. Related Reading | Bitcoin Long-Term Holders
Realize March 2020-Like Losses As BTC Crashes At the time of
writing, Cardano (ADA) trades at $0.48 with a 6% and 14% loss in
the 24-hour and 7-day chart, respectively. The second crypto by
market cap Ethereum (ETH) records a 30% loss over the same period,
Binance Coin (BNB) a 24%, Solana (SOL) a 24% loss, and XRP an 18%
loss in the past 7-days. Cardano’s developer Input Output Global
(IOG) recently announced two products that could contribute to
ADA’s price short-term strength. The company revealed a new wallet
called Lace, and the deployment of a new Ethereum Virtual Machine
(EVM). Lace is aimed at being Cardano’s new light wallet and to
help it gain more adoption. The wallet will provide users with
“enhanced capability and ease of use”. IOG said: IOG is developing
Lace ‒ a ‘one-stop-shop’ for all blockchain operations. This new
platform will be feature-packed, yet lightweight, streamlining
online finance. Acting as a portal to Web3.0, Lace will encompass
elements of true decentralization. On the other hand, the EVM was
deployed on one of Cardano’s testnet. This tool will enable
developers to build or migrate their solidity-based applications.
Sebastian Guillemot, CTO at infrastructure builder dcSpark,
believes the EVM on Cardano will allow the ecosystem to become a
Cosmos or Polkadot-like blockchain. This could enable products to
launch independently from the Cardano mainnet and develop their own
dynamics. In the future, this could promote growth across this
ecosystem. Cardano (ADA) With Increase Selling Pressure, Here Is
The Critical Support The promise of growth in the Cardano ecosystem
has been one of its key fundamentals. The blockchain recently
deployed its smart contracts capabilities but has yet to see it
come to full fruition. Data from Material Indicators (MI) records
an increase in selling pressure from investors with asks orders
above $10,000 (in red on the chart below). In the meantime, whales
(purple and brown on the chart below) have remained neutral, at
least, for a short timeframe. Related Reading | Rich Dad, Poor
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Below its current levels, there are over $1,5 million in bids
orders, as MI shows. These orders should operate as critical
support in case of further downside.
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