Cardano’s $ADA cryptocurrency is currently experiencing a decrease in value compared to other major cryptocurrencies. Over the past 24 hours, $ADA has dropped by 4%, reaching a price of $0.3162. This represents a 10% decrease from its value a week ago, making it one of the top layer 1 coins with significant losses in a short period.
Why Cardano’s $ADA And Other Leading Layer 1s Are Down Today
Like many other cryptocurrencies, the performance of $ADA is closely tied to the movements of the leading cryptocurrency, bitcoin ($BTC). bitcoin itself has seen a 3% decrease in value overnight and a 6% decrease over the week, currently trading at $54,875. ethereum ($ETH), another major player, also experienced losses with a 2% drop overnight and a 6% drop over the week, settling at $2,336.
The recent update for Cardano, the "Chang" upgrade, introduced the ability for $ADA token holders to participate in voting on network development proposals. While this upgrade represents a step towards decentralization and democratization of the network, it has not reversed $ADA's downward trend. The token is now trading at a support level, facing resistance between $0.45 and $0.40.
Despite its falling relative strength index, which is indicating a potential for dip buying, the outlook for $ADA remains uncertain. Investors are currently looking for more adventurous opportunities in the crypto market.
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