Cardano prize has been deposited in a bear market from the year to date; Technical in the Defi industry points to more disadvantage.
Summary
- Cardano Price has formed a head and shoulders and an increasing wedge pattern on the daily graph.
- The total value locked in its Defi eco system has fallen in recent weeks.
- It does not benefit from the Genius Act because the Stablecoin nutrition has crashed.
Cardano (ADA) Token fell to $ 0.7736, the lowest level since 12 August, with the performance of most altcoins such as Ethereum and Solana reflected.
One of the most important fundamental reasons for the dive is that the decentralized financial ecosystem of the Cardano has left its pear chains behind. The total locked value has fallen to $ 320 million, the lowest level in months and much lower than the year to date of $ 680 million.
Cardano did not have large new Defi applications in its ecosystem this year. The biggest names in his ecosystem are platforms such as LiQwid, Minswap and Indigo.
In the meantime, Cardano does not benefit from the recently adopted genius law Because the total Stablecoin offer in its network has fallen by 4.4% to $ 37 million in the last seven days. This stock is much smaller than other newer block chains such as Unichain, Linea and Plasma.
The decentralized exchange ecosystem of Cardano has also become quiet, whereby the volume continues to fall. These DEX networks have only treated $ 1.4 million in the last 24 hours.
Moreover, there are signs of little institutional demand for Cardano, because only Grayscale has applied for a place. Coins such as Solana (SOL) and Ripple (XRP), on the other hand, have attracted at least 7 applications.
Cardano Price Technical Analysis
A technical analysis will continue to suggest in the coming weeks for the Cardano price. It has formed an increasing wedge pattern on the daily graph. A further look reveals that it has already been moved under the bottom of this pattern, which points to further down.
Cardano Price has also formed a head and shoulder pattern and has already crashed under the neckline.
Ada Price has fallen under the exponential advanced averages of 50 days, a sign that bears have overcome.
The average directional index has been moved to 22, indicating that the downward trend intensifies.
That is why these patterns suggest a potential disadvantage, which may reach the low point of June of $ 0.5095, which is approximately 35% below the current level.
