The cryptocurrency market passes the correction phase, and over the past 24 hours, the liquidation exceeds $ 335.91 million. USA. To be specific, long positions took the main severity of the blow, which amounted to $ 225.52 million. USA from general liquidation. On the other hand, the market assessment of the industry has currently decreased below 3.3 trillion dollars, canceling most of the early income, which determined the year and castle its short -term restoration.
Among this wide decline in the Cardano market, he became one of the most powerful assets, with all his might, trying to confront a wide bear. At the time of writing, the cryptocurrency fell by 8% over the past week, bargaining at 0.9667 US dollars. This continuing descent expands its recent series of lower prices, emphasizing the growing vulnerabilities in a wider crypto -ecosystem. Will hell find his support, or are there more problems in the market in the market?
Sellers restore control, as ADA slips below US dollars
Optimism grew at the beginning of this week, when the Cardano token clung to a critical mark of $ 1, which made hope for a rally of a resistance of $ 1.30. Nevertheless, the tide changed on Tuesday, when sellers restored dominance, pulling the price below $ 1. As a result, the daily MACD draws in relation to the picture, and its line is 0.003639, plunging next to the signal line at 0.003857.
Suppose that this impulse is preserved, the impending bear crossover seems inevitable, which can cause further pressure down. Adding to a bear narrative, RSI slipped below the neutral level of 50, resting at 48.69. This shift emphasizes the strength of sellers and signals room for a greater reduction if bear feelings remain uncontrolled.
Nevertheless, all eyes are at the $ 0.91 support level, which coincides with 23.6% of the restoration of Fibonacci. A break below this critical threshold can prepare the ground for a deeper correction, with $ 0.76, the USA becomes the next line of protection. In addition, a wider trend does not offer much relief.
This is obvious, since the ADA purchase volume has reached a peak in December last year and has been reduced since then, forming lower maximums – a classic sign of bear control. Without a revival in the interests of the buyer, the path to restoring token looks complicated. Now the question is whether the bulls can protect the zone for $ 0.91 and prevent a deeper slide or if the bears are even further.
Daily activity of Cardano and TVL Tumble
Data From Artemis reveals a decline in user activity on the Cardano blockchain. Since the beginning of December, daily active addresses have fallen from 96.7K on December 3 to 38.2 thousand from January 9. This decrease in interaction was reflected in daily transactions, which were reduced from 144.3 thousand to 55.0 thousand field
In addition to the trend in relation to the total cost of Cardano (TVL), it was steep erosion. In accordance with DefillamaTVL networks fell by more than 28.76%, slipping from $ 701.4 million. USA on December 3 to approximately 499.66 million dollars. USA at the time of reporting. The most alarming fall occurred from January 7 to January 9, when TVL fell by $ 109 million – 18% fall in three days.
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