![]() ![]() The moving averages were facing down and the Relative Strength Index (RSI) was positioned in the negative region. If the subsequent decline to $0.383 is not arrested, it would suggest a continuation in the sentiment favoring the downside. The bulls are likely to aggressively defend this level. If they succeed, the token could drop further towards the $0.383 swing low. The bears will now try to push ADA below the $0.40 psychological level. The buyers failed to defend the psychological level at $0.50, which they had held for the past few days, indicating buying weakness. This is weighing on ADA, which was trading at $0.459, 45% below its price a month ago. ![]() For instance, decentralized exchange (DEX) platform WingRiders has tumbled more than 50% in May, while another DEX MinSwap has also dipped more than 38% over the same period. This drop in TVL could be attributed to the decrease in liquidity of the protocols built on the platform. Total Value Locked On Cardano Source: DeFi Llama This figure stands at $115 million at the time of writing this article. Cardano has been fighting for its fair share of the decentralized finance (DeFi) market after the successful upgrade of the Alonzo hard fork in September 2021.Īccording to data from DeFi Llama, the Cardano network lost approximately $211 million in TVL since reaching record highs of around $320 million on March 24, as shown on the chart below. Meanwhile, Cardano’s total value locked (TVL) continued to decline due to decreased investor interest in its dApps and a broad market-wide correction. ADA lost crucial support levels and was at risk of plummeting further unless bulls buy at lower levels and stage a comeback. Continued selling puts ADA at risk of further losses to $0.288.Ĭardano’s native token ADA was trading 6% below Thursday’s close at $0.478 as extreme fear gripped the wider crypto market. ![]()
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