Cardano (ADA) Drops 6.45% Amid Geopolitical Tensions in Middle East
Cardano (ADA) is currently priced at $0.5478, experiencing a 6.45% decline in the last 24 hours due to heightened geopolitical tensions in the Middle East. The token's value dropped from $0.586 to a low of $0.5464, with a notable decrease of 3.2% recorded at 21:00 on a trading volume of 126 million. Overall trading volume has increased by 37.37% compared to the 30-day average.
Key points include:
- In 2024, nearly $1 billion worth of ADA has been withdrawn from centralized exchanges.
- Large holders accumulated over 310 million tokens in June.
- A new initiative involving Cardano, Iagon, Cloud Court, and Ford aims to combine blockchain with decentralized storage for legal data management.
- Ford will provide advisory support based on its experience with large-scale legal data operations.
- The project seeks to solve issues like fragmented records and inefficient collaboration.
- Potential applications extend to healthcare, finance, and public administration.
Technical Analysis Highlights
- ADA fell 7.0% from $0.586 to $0.545, forming a range of $0.041.
- Steepest drop occurred during analysis window with a 3.2% hourly decline.
- Resistance formed at $0.569; support tested at $0.545.
- Recovery attempts failed despite high trading volumes after 23:00.
- A bearish channel was confirmed with lower highs and lows.
- Price briefly entered a bullish channel with higher lows and highs between 06:05 and 06:38.
- Resistance emerged at $0.558; support established around $0.554.
- Volume peaked at 2.3 million ADA during the 06:16 candle.
- A pullback from $0.558 to $0.556 indicated typical post-rally consolidation.
- Declining volume during the pullback suggested weakening selling momentum.