Cardano ADA News: Bulls Gain Momentum with Potential Trend Reversal and NASA Collaboration Hint

Cryptocurrency enthusiasts and investors have been buzzing with excitement over recent developments involving Cardano (ADA). Here’s a summary of the key information you need to know.

Cardano (ADA) Bulls Gain Ground as Selling Pressure Weakens

The market cap of Cardano (ADA) stands at $26 billion, with a 30% surge in trading volume to $903 million in the past day. Technical indicators show early signs of a potential trend reversal after a bearish period. Cardano’s BBTrend has turned positive after six days in negative territory, signaling a shift in momentum.

Cardano Foundation CEO Unveils NASA Collaboration: Details

Cardano Foundation CEO Frederik Gregaard has confirmed that the blockchain platform is actively collaborating with NASA on data provenance, track and trace solutions, and satellite data applications. NASA is utilizing Cardano’s blockchain capabilities for data integrity and provenance tracking, specifically emphasizing the role of Merkle Patricia Tries (MPTs), an advanced data structure enabling efficient and verifiable storage of complex datasets on the blockchain. This feature allows Cardano (ADA) to handle large-scale and constantly updating information, a capability not present in other major blockchain networks.

Cardano Price Declines Alongside Decrease in Volume

Cardano (ADA) price drops to $0.7086, marking a 1.78% decline in the last 24 hours. The daily trade volume also decreased by 20.60% to $705,920,122. This decline in both price and volume could indicate an impending trend reversal or loss of interest from market participants amidst recent developments and macroeconomic factors. Cardano has declined 1.58% in the last 7 days, with a total market capitalization of $24,968,126,020.

Cardano (ADA) Price Predictions for This Week

ADA is moving sideways above the 64 cents support. Momentum has stalled as ADA’s volatility has only managed a 2% price movement in the past two weeks. This has allowed the price to consolidate above the key support but has also shown a lack of clear momentum, making it difficult for buyers to push ADA higher. Buyers and sellers are absent from the market, which is visible in the minimal price movement. The volume is also in decline, explaining the lack of volatility. This period of consolidation could be followed by a significant move once the balance of power shifts between bulls and bears.