ADA Price Analysis: Cardano Price Dips, Network Adds 70,000 New Holders Within a Month

• Cardano is trading down just like the rest of the crypto market
• At the time of publication, ADA was changing hands at $0.518, down 2.6% in the last 24 hours
• Cardano adds 70,000 new holders within a month

Cardano (ADA) is trading down just like the rest of the market. At the time of publication, ADA was changing hands at $0.51, down 2.6% in the last 24 hours and 6.01% since the past week. Since receiving a big update in September 2021, the Cardano (ADA) blockchain ecosystem has continued to grow at a rapid pace. This expansion can be measured in terms of new features and improvements, as well as buyer interest, with over 70,000 new holders joining in the last 30 days. Cardano-based accelerator program Genius X has received over $105 million in ADA for its initial stake pool offering (ISPO). Cardano is currently working on its next hard fork, the Vasil hard fork, which will occur in June 2022.

Key Levels
Resistance Levels: $1.00, $0.830, $0.600
Support Levels: $0.500, $0.400, $0.300

ADA/USD Daily Chart: Bearish

ADA/USD Daily Chart

On the daily chart, ADA/USD appears fragile, and consolidation below $0.50 could set the stage for more losses. Deviation from levels above $0.70, which marks the upper limit of a broad range, has been established. The $0.40 level could be approached if the daily close remains below the moving averages 5 and 13.

Following the recent rebound from a low at $0.383, the ADA/USD encountered relative resistance around the $0.614 price zone, where it had made intraday highs on May 16. If the pair continues to rise above the indicated resistance region, it might return higher to reach yearly highs of $1.639.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

Given the violation of the $0.525 areas, ADA/USD’s corrective downward trend might extend to new lows below the $0.40 regions if it fails to sustain the current consolidation phase. Before reaching the contention area near the $0.60 level, the trend might slow down. At present, the ADA/USD intraday bias remains in a range as consolidation from the $0.384 low continues.

On the plus side, a break of the 4-hour MA 50 might confirm that the consolidation from the $0.384 low will continue upward. A further rise is expected to return to test the MA 200 at around the $0.746 level. Meanwhile, a break of the $0.40 support level could change the bias to the negative, extending the range and triggering a new dropping phase.

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