ADA has breached the first major support level (S1) at $0.367 and the second major support level (S2) at $0.362. However, after finding late support, S2 capped with any rebound.
HK Awareness Engine Input Output Failed To Impress
On Tuesday, input HK (IOHK) came out. gave Crypto Market Overview of Cardano’s Three Key Network Attributes,
- Consensus Protocol: Ouroboros, the Cardano consensus protocol, establishes strict security safeguards.
- Staking experience: Offers fluid stabilization without staking or cutting.
- Environmental impact: low energy consumption.
However, the latest IOHK post fails to provide ADA price support. Grid updates remained negative for price, reflecting price action during bearish sessions.
While projects are increasing on the Cardano network, the rate of increase was not enough to indicate a noticeable impact on adoption to support a reversal of the downtrend in the short term. ADA has been in a downward spiral since before the Vasil hard fork on September 22nd.
From its August high of $0.595, ADA fell 39% to close on Tuesday at $0.362. In contrast, the cryptocurrency market fell by 24.7%.