Over the past two weeks, the price of Cardano has dropped significantly due to the bearish sentiment that has taken over the overall cryptocurrency market. During this period, there was a notable decline in Cardano’s value, with the price dropping nearly 10% from $0.38 to $0.34. However, the coin gained momentum and is now trading at the $0.37 level.
Based on the data from IntoTheBlock, there is a forecast that ADA may fall to around $0.30 in the coming days. However, it all depends on whether ADA breaks below the crucial $0.35 support level.
Within that price zone, about 127,000 investors who bought a total of 1.17 billion ADA at an average price of $0.35 are likely to step in in an attempt to prevent further decline. However, if the bearish scenario unfolds as expected, the price of ADA could potentially fall as low as $0.30.
The Cardano ecosystem thrives
Cardano’s decentralized finance sector (DeFi) is gaining momentum as its ADA-backed stablecoin, Jed, unlocks new opportunities within its explosive ecosystem. According to a tweet from IOHK, the critical Cardano development update is live, detailing development progress. The shared numbers are impressive, with 1,240 projects currently in development and a record $66.3 million in transactions. In addition, 126 additional projects were launched during the week, illustrating Cardano’s continued growth.
Another tweet from Taptools, a stats provider on Cardano, reveals that Cardano generated more than 457.99 million social contacts in the past seven days. Santiment data shows that Cardano maintained about 2% of conversations in the crypto space in March and April, indicating strong interest and commitment to the project.
