Cardano (ADA) price has dropped below $1.00 for the first time since May

On Saturday, the price of Cardano (ADA) fell for the seventh time in a row. The Digi currency is on the verge of achieving a new all-time low. Cardano is currently trading at $1.0934, down 10.27 percent on the day. After the previous session’s record sell-off, this is the second single-day drop.

The price of Cardano (ADA) has dropped to its lowest level since July.
The token’s on-chain analysis data points to a gloomy outlook.
Prices are expected to continue to fall, with a 10% loss on Saturday.
Cardano’s market capitalization has dropped to $37.332 billion, but trading volume has increased by 4% to $2,998,283,369. The largest market capitalization is $94.8001 billion dollars.

The price drops dramatically on the daily chart, breaking $1.00000 for the first time since May. The price has broken through the $1.81 low set on January 10th. On November 9, the falling trend line from the ATH was tested once more at $2.38, coinciding with the breach of the 50 and 100 DMA crossover. Cardano then tested the 200 DMA on November 16 at $1.862. Since then, the price has been on a one-sided downward spiral. The bearish sloping line, which functions as a powerful resistance barrier, was not retested by the purchasers.

The daily Relative Strength Index (RSI) is currently at 38, approaching oversold territory. The Moving Average Convergence Divergence (MACD) is trading below the midpoint. Any increase in the momentum indicator could signal a change in the technical picture in the short term. On-the-chain analysis indicates a pessimistic prognosis with -2.78 percent in the money data.
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