Cardano price remained under pressure this week and is hovering near its lowest level since July 10 as investors remains in the sidelines. ADA token moved to a low of $0.5950, down by about 40% from its highest level this month. This crash happened even as Charles Hoskinson continued to vouch for Midnight, its scaling project.
Cardano Price Technical Analysis as the Death Cross Nears
The daily timeframe chart shows that the Cardano price has plunged in the past few months as it moved from a high of $1.020 in August to a low of $0.5950.
It has moved below all moving averages, and a death cross pattern is about to form as the 50-day and 200-day Exponential Moving Averages (EMA) near their crossover. This cross is one of the most common bearish signs in technical analysis.
The coin has moved below the important support level at $0.6858, its lowest level on August 2 in this year. It has moved below the Ichimoku cloud and the Supetrend indicator, a sign that bears are in control.
READ MORE: XRP Price Prediction: Buy the Ripple Dip or Sell the Rip?
Therefore, the most likely scenario is where the token continues falling, with the next key point to watch being at $0.5086, its lowest level on June 22nd, which is about 20% below the current level. A move above the resistance at $0.700 will invalidate the bearish ADA forecast.
ADA At Risk as Hoskinson Touts Midnight
Cardano price is falling even as Charles Hoskinson, its founder, continues to tout Midnight, its upcoming scaling sidechain solution.
In a video broadcast, he called Midnight the most transformative project on the Cardano ecosystem. He cited its announced partners, who include BitGo, Alchemy Pay, Sundae Labs, and Anastasia Labs. He also added that there are now over 100 deals in the project.
Most notably, he noted that the NIGHT token will be listed on every exchange. Hoskinson believes that more companies will indirectly integrate Cardano by offering Midnight since it is a Cardano ecosystem native project. He said:
“Every time Midnight does a deal, it is actually making a Cardano deal, which will solve some of the main challenges, especially with stablecoins and oracles.”
Still, Hoskinson’s words should be taken with caution as he has been known to exaggerate a lot. For example, he has long touted an integration with Chainlink, which has never happened. He also hinted of integrating Cardano with Bitcoin, which has also not happened.
READ MORE: Chainlink price Supertrend Turns Red Despite Rising LINK Reserves
