Cryptocurrency investors have been keeping a close eye on Cardano lately. One Reddit user noted that the current rate of price change is the slowest since January of 2021. Coingecko reports that the value of Cardano has dropped by 15% over the past two weeks and 24% over the past month. In spite of the introduction of the Vasil update, ADA was unable to gain traction and stage a comeback. Currently, ADA is trading at a positive $0.3673. However, it’s possible that this is a single green blip amidst a sea of red. Investors in Cardano tokens are in a difficult position as the network continues to shed value: should they hold on to their holdings or sell some to stem the bleeding? Related Reading: Cosmos Detects Major System Weak Point – Will ATOM Price Be In Trouble? Crossroads: Keep Or Unload At the time of writing, token indications are very pessimistic. Based on the bull-bear power indicator, it appears that the market is now trending downwards. However, the lows of Chaikin’s money flow index are in line with the lows of March, putting it close to the bull and bear barrier. Chart: TradingView The Stoch RSI is likewise in oversold zone, indicating that the majority of investors are riding the sell-off wave on the bears’ side. This gloomy market sentiment will undoubtedly hinder Cardano’s chances of recovery. Current macroeconomic factors drag the cryptocurrency along with the rest of the financial secto...
