Cardano prices continue to fall, retracing from a high of $3

In the last week of May, investors were less interested in Cardano because dApps were becoming more popular and the global cryptocurrency market was going down. In the last few hours, ADA has fallen below the $0.50 support level, which could mean a 50% drop to $0.25.

For the current uptrend scenario to be wrong, $0.40 must be broken. If the bears can break through this level, the $0.20 mark could be reached again. If this happens, the price of ADA will fall by 60% from where it is now.

Dan Gambardella said in a recent tweet that Cardano (ADA) has been one of the best altcoins for all of 2021, but that the token’s value has dropped sharply in May. Recently, the total value of stakes on the Cardano network hit an all-time high, but the price of ADA has been going down. Dan says that bears are not the best price, but they are very valuable.

After the successful Alonzo hard fork upgrade in September 2021, Cardano is still fighting for its place in the decentralized finance (Defi) sector. Since March 24, 2022, when ADA’s TVL peaked at around $326 million, it has lost $205 million in value locked. On May 26, this number went down to $120.86 million.

Cardano is a proof-of-stake (POS) network that gives systems, societies, and decentralized apps a unique level of security and long-term stability (dApps). The Cardano Foundation, Emurgo, and Input-Output Hong Kong (IOHK) make sure that the project stays true to its goal as the crypto world changes.

Cardano, Oasis, Harmony, Moonriver, Celo, Bitcoin, Osmosis, Elrond, and Heco have pushed Cardano out of the top ten. On the other hand, the digital assets still have a big lead when it comes to the value locked up in Gnosis, Fusion, Eos, Terra, Astar, and Algorand.

The value of ADA on the market is more than $16 billion. In the last 24 hours, about $592 million worth of cryptocurrencies changed hands. This number is about the same as the low trading volume on the cryptocurrency markets right now, which is 14.64 percent lower than ADA’s numbers from yesterday.

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