Cardano: Is this the formation of the hoped-for floor?

Investing.com – Has gained a total of 7.69% of its value in the past 24 hours, with an ADA price of $ 1.3487. With a market capitalization of $ 45.37 billion, it sits in sixth place among the major cryptocurrencies, between and with $ 56.97 billion and $ 45.00 billion.

The recent upward movement was notably prompted by news that payment service provider Flexa has integrated ADA into its program. This allows Cardano holders to pay for goods and services from any of over 40,000 merchants. affiliates.

Flexa claims to be the “fastest and most secure” digital payment network in the world. Whether it’s marketing or it’s reality, the future will inevitably tell.

The launch of the ADA was accompanied by a 20% reduction action. This applies to the new partnership with the Regals Cinemas cinema chain. People who buy movie tickets online through the Flexa SPEDN app and pay with ADA benefit from this discount.

Still, this good news and rebound cannot mask the fact that the Cardano almost completely reversed its rally from $ 1.0211 to the all-time high of $ 3.0989.

Cardano technical course benchmarks

On the Cardano daily chart, we can see how the price of ADA has fallen 57% in recent months from its all-time high above $ 3.0.

Even the strong support of the 61.8 and 78.6 percent fibo retracements at 1.8148 and 1.4657 dollars were not enough to stop the move lower.

It remains to be seen whether a bottom is forming or whether recent oversold conditions have helped consolidate losses.

Only a sustained rise above the 78.6% Fibo retracement of $ 1.4657 will provide the possibility of a rally towards the 61.8% Fibo retracement of $ 1.8148.

On the other hand, the July 20 low of $ 1.0211 is good support that should avoid the worst, at least in the near term.

By Marco Oehrl

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