Cardano's price is experiencing a downturn today, driven by technical indicators signaling a bearish trend. The Moving Average Convergence Divergence (MACD) indicator has shown a bearish crossover, suggesting a continuation of the decline. This technical setup has led to a correction in Cardano's price, which has been trading in the red after facing rejection around its weekly resistance level of $1.18. The Relative Strength Index (RSI) also points downward, indicating strong bearish momentum, which has contributed to the ongoing price pullback.
Additionally, the emergence of new DeFi projects like Lunex Network is capturing investor attention, potentially diverting interest away from established cryptocurrencies like Cardano. Lunex Network's user-friendly design and robust security features are appealing to professional traders, which may be impacting Cardano's market position. As Lunex Network gains momentum, it poses a competitive threat to Cardano, further influencing its price movement.
Cardano's price has fallen by 4.34% today, reaching a low of $0.926250.