As user activity on its blockchain and DeFi engagement drop, the Cardano price is under negative pressure. The price is down 6.64% in the last week and 3.9% in the last 24 hours.
Since last month, user interaction and the number of new addresses on this blockchain have significantly dropped. Cardano’s total value locked (TVL) declined by 27% in fourteen days.
The TVL of some DeFi initiatives, particularly Splash Protocol and Minswap, also dropped significantly. Splash lost 31% in the past month, and Minswap lost 4.5% in only 24 hours.
This decrease in user activity and TVL affects the demand for Cardano’s ADA, consequently affecting its price.
Performance of Top DeFi Protocols on Cardano. | Source: DefiLlama
The ADA price faces critical resistance between $1.07 and $1.10. About 107,710 addresses recently moved, approximately 2.59 billion ADA at an average price of $1.08.
The 20-day simple moving average (SMA) is currently at $1.10, undermining ADA’s rising trend. A technical analyst, Sssebi, noted that the ADA price appears to be consolidating as purchasing pressure increases.
However, the coin is still at risk of further decline unless it breaks above these resistance levels. If ADA fails to flip the $0.97 zone into strong support, it could result in lower lows.
Since November 10, ADA has formed an inverted V-shaped pattern on the daily chart, indicating that further dips are possible. If it completes this pattern, the ADA price might fall another 47.6% to the $0.54 zone.
In contrast, breaking above the 20-day SMA around $1.11 might lead to a test of the December high near $1.32. This dip comes amidst the Cardano founder’s (Charles Hoskinson) advocacy for the Foundation to relocate from Switzerland to a jurisdiction where the Cardano community can pick board members.
According to Hoskinson, such a step would enable the community to work with the Foundation on a new structure that promotes transparency and member participation.
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