Cardano ADA/USD has weakened from $0.59 to $0.43 since August 14, 2022, and the current price stands at $0.45.
For now, bears control the price action, the critical support level stands at $0.40, and if the price breaks it, it could be the beginning of a bigger downtrend.
Cardano is connected with various payment programsCardano is a blockchain platform that allows transactions in its native cryptocurrency ADA and enables developers to build secure and scalable applications powered by it.
ADA tokens can also be used for voting on software policies, and every ADA holder holds a stake in the Cardano network. ADA stored in a wallet can be delegated to a stake pool to earn rewards or pledged to a stake pool to increase the pool’s likelihood of receiving rewards.
Cardano is connected with various payment programs, and it combines pioneering technologies to provide unparalleled security and sustainability.
Cardano is built on the groundbreaking Ouroboros proof-of-stake consensus protocol, and it is important to say that Cardano’s code is written in the formally specified Haskell programming language, commonly used in the banking sector.
The team behind Cardano consists of a decentralized community of scientists, engineers, and thought leaders united in a common purpose to deliver positive global change and, together with their partners, power a new age of possibility.
According to the latest survey, Cardano is more energy efficient than Paypal, YouTube, and Netflix based on its energy consumption. Cardano is also less energy intensive than gold mining or Bitcoin proof of work (PoW), while IOHK CEO Charles Hoskinson added:
The advantage of proof of stake is that because you don’t have that gargantuan overhead and energy expenditure for deciding who gets to make a block, it means you can put a lot of your magic in the other two stages.
On the other side, the rising risks of the recession continue to worry investors, especially after comments from St. Louis Federal Reserve President James Bullard, who is talking about another big interest rate increase in September.
If central banks continue to act aggressively, this could potentially move the global economy toward a recession, and in that situation, Cardano (ADA) and most other cryptocurrencies could decline even more.
Technical analysisCardano (ADA) was a bad performer during the last several days, and technically looking, it still remains under pressure.
Data source: tradingview.com The critical support level stands at $0.40, and if the price falls below it, the next price target could be at $0.35 or even below.
The strong resistance level stands at $0.60, and if the price jumps above this level, it would be a signal to trade ADA, and we have the open way to $0.70.
SummaryCardano (ADA) is currently trading more than 70% off from its 2022 highs, and if you decide to buy this cryptocurrency in September, you should consider that the price can weaken even more. The critical support level stands at $0.40, and if the price falls below it, the next price target could be at $0.35 or even below.
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