- Investors are eager for Elon Musk’s response to Hoskinson’s proposal.
- Bears pounced, driving Cardano prices to as low as $0.3873.
- Technical indicators suggest a continuation of the bearish trend.
Cardano (ADA) has recently plummeted in price, despite Hoskinson’s (ADA Founder) proposal to Elon Musk to monetize the platform through prediction markets and economic agency. Such recognition should ideally result in a significant increase in demand for ADA. However, the market has yet to respond forcefully to Hoskinson’s strategy, according to ADA price action.
The market capitalization fell 4.56% to $13,301,451,486 and the 1-day trading volume fell by 59.99% to $727,631,035.
This contributed to a 4.45% drop in price to $0.3873.
ADA/USD 1-day price chart (Source: CoinMarketCap)
The MACD blue line crosses below the signal line in the negative zone, reading -0.0051 while the signal line reads -0.0010. The histogram likewise reads in the negative region, supporting this negative momentum.
The Stoch RSI is at 0.00, indicating that the current market trend has been exhausted. This does not guarantee that prices will rise again, but it ought to be a cautionary tale to traders.
The Relative Strength Index (RSI) is 33.93 and trending south, indicating that the decline may continue if the bulls do not press on.
ADA/USD 4-hour price chart (Source:CoinMarketCap)
The bulging Bollinger Bands demonstrate a significant selling pressure in the ADA market, implying that the bearish trend may continue, with the market price advancing towards the lower band as the upper band hits 0.4419 and the lower band touches 0.3837.
The Chaikin Money Flow (CMF), which exhibits a skewed trend when in the negative zone, supports the bearish sentiment in the ADA market, reading -0.04 and going downwards.
ADA/USD 4-hour price chart (Source:CoinMarketCap)
A favorable reaction from Elon Musk to Hoskinson’s proposal would be a significant step forward for Cardano. It would also almost certainly spark another bull run for ADA.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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