The recent FUD created by china resulted in a crypto bloodbath. The market lost more than $250 billion. Bitcoin and Ethereum, two major crypto were down nearly 15%.
Despite the summit hype, Cardano price plunged 4% trading at $2.26. The third largest cryptocurrency coin is up about 2% over the week. Currently ADA Price is supported above the $2 mark
Cardano price action
The altcoin price was able to bounce back swiftly after a crash. The price dropped below $2 before rising above it. Despite not being able to break through the resistance, Cardano has been able to maintain steady support.
Cardano is now hovering around $2.3. Looking ahead, resistance levels are $2.649 and $3
$2.90 respectively. We may see an ADA price to reach fresh highs only if a clear close above $2.502 is achieved.
However, in case of a plunge, support is at $2.058, $1.815, and $1.513 price levels.
The Relative Strength Index (RSI) is indicating that there is a strong desire to buy. From the oversold position, the RSI line is approaching the normal zone, piqueing buyers’ interest. However, for the time being, the Moving Average Convergence Divergence (MACD) is signalling a bearish hold.
Cardano’s parent company, Input-Output stated its collaboration with Chainlink to benefit Cardano developers build smart contracts for protective DeFi apps.
Cardano joins forces with Chainlink to provide extra support for developers building smart contracts by integrating oracles.
American telecoms company Dish Network has closed a deal with Cardano developer Input Output in order to build blockchain services.
Cardano blockchain and TV and wireless service provider Dish Network have said they have struck a deal to help Dish integrate the Cardano blockchain into its telecom business and help provide digital identity services to Dish’s customers. The partnership will allow Dish to offer 8 million digital identities to its clients