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Cardano (ADA) is under selling pressure as the broader cryptocurrency market experiences profit-taking. In the last 24 hours, $606 million has been liquidated across various crypto assets, according to CoinGlass data.
Cardano was not exempted from the bearish sell-off, dropping 4.52% in the last 24 hours to $0.803.
Amid the price drop, Cardano is testing support at the daily SMA 200 at $0.792. This technical indicator had capped the ADA price since late March, with ADA returning above it on May 9.
After a few days of holding above the daily SMA 200, bears are challenging it again, hoping to push ADA below this price level. If this happens, ADA risks returning to its prior range between the daily SMA 50 at $0.679 and the daily SMA 200, slowing its momentum toward $1.
ADA rose to $0.865 in yesterday's session, an intermediate barrier to $1, exciting the bulls. If positive momentum returns to the market, ADA buyers will seek to push the price to the $0.865 level once more to target $1. On the other hand, support is envisaged at the daily SMA 50 at $0.771 if the ADA price drops.
Cardano updates
Input Output (IO) has announced a partnership with multi-chain Brave Wallet.
Once live, the Input Output (IO)-led integration will provide complete Cardano support to Brave Wallet, including Cardano native assets, as well as send, receive, swap and signing capabilities that are natively built within the wallet. This positions Brave as a key partner for the Cardano community in the age of Voltaire.
In response to the announcement, Cardano founder Charles Hoskinson stated that the "Brave announcement is the first in a series that will come out throughout the Summer and Fall that I term the fixing broken windows deals that originated from Midnight negotiations," adding that "it was long overdue, they originally could have been engaged in 2022."
In what comes next, Hoskinson stated, "There are several dozen deals like this for Ada and Cardano Native Assets. Midnight has picked up the baton and started finishing them. Many many more to come."
Vladislav Sopov
Dan Burgin