Cardano price remained under pressure today, Dec. 15, mirroring the broader crypto market, where Bitcoin and most altcoins tumbled. ADA token dropped to $0.40 despite the ongoing turnaround of its network and the upcoming SEC roundtable on privacy.
Cardano Price Has Crashed Despite Key Milestones
ADA price has remained under pressure this month despite having some major milestones. One of them happened last week when Cardano finally inked a partnership with one of the biggest players in the oracle industry.
Pyth Network has now integrated with Cardano, enabling developers to access high-quality price feeds and market data.
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This is important because Pyth is the fifth-largest participant in the oracle industry, with a total value secured (TVS) of over $4.5 billion. Some of the top protocols that use Pyth are Jupiter, Kamino, Drift, Save, and Avantis.
The integration is also key because it aligns with one of the five pillars that Cardano has set aside from the 70 million ADA tokens it is removing from its treasury.
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The other notable catalyst for Cardano’s price is the Midnight launch’s success: the NIGHT token has soared, its market capitalization reaching $1.14 billion, and its 24-hour volume has risen to $940 million.
One reason the NIGHT token price has jumped is that most exchanges offering the token staking are offering huge rewards, with HTX offering a 100% APY.
The NIGHT token is also rising as investors await the upcoming roundtable on privacy, scheduled for later today. This is important as NIGHT focuses on privacy using the zero-knowledge (zk) technology.
ADA Price Technical Analysis Points to a Plunge
The daily timeframe chart reveals that the Cardano price is at risk of a deeper dive in the coming days and weeks. It has dropped below the critical $0.50 support level, its lowest level since June and April this year, where it formed a double-bottom pattern.
It has dropped to the Ultimate Support level of the Murrey Math Lines, and a drop below it may trigger further downside in the near term.
The Cardano token has formed a bearish flag pattern, a common continuation sign in technical analysis. Therefore, ADA price will likely continue to fall, potentially to the key support level at $0.1900, which corresponds to the extreme oversold reading on the Murrey Math Lines tool.
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