Cardano Dips Below $0.55 as RSI Signals Potential Rebound

Cardano’s RSI fell to 23, signaling potential recovery after sustained price declines and six straight days of negative movement.

ADA hit its lowest level since April, dropping below $0.55 as part of a broader market sell-off totaling $1.01 billion in liquidations.

Ford and tech partners launched a pilot project on Cardano’s network to test blockchain use in decentralized legal data storage systems.

Cardano (ADA), currently ranked as the tenth-largest cryptocurrency by market capitalization, continued its downward slide this week, trading near $0.5478 at press time. This is a decrease of 7.85% in the last 24 hours. The recent correction is indicative of the general malaise in the market alongside increased volatility that caused more than $1 billion worth of liquidations of the top crypto assets.

ADA has faced consistent selling pressure since reaching $0.736 on June 11. Over the past 12 days, the token has closed lower in 11 of them. This stretch of red candles signals a persistent bearish sentiment. Since June 16, ADA has declined for six consecutive trading sessions, hitting an intraday low of $0.56.

Technical indicators point to a possible bounce

Despite the ongoing slump, Cardano's Relative Strength Index (RSI) has now dropped to 23 on the daily chart, entering oversold territory. RSI readings below 30 typically indicate excessive selling pressure. This condition often precedes a corrective bounce or a short-term price recovery, depending on broader market behavior.

While ADA prices remain under pressure, Cardano's ecosystem continues to attract institutional interest. A new proof-of-concept project is underway involving Ford Motor Company, decentralized storage provider Iagon, and legal technology firm Cloud Court. The initiative explores how Cardano’s blockchain can support secure legal data storage using Iagon’s decentralized infrastructure.

Cardano transaction volumes reach a new milestone

Cardano's on-chain activity also remains strong despite the price drop. The network recently surpassed 110 million total transactions, a sign of steady user engagement and application development on the platform. In addition, Input Output, the blockchain’s key development team, launched “The Cardano Blueprint,” a new educational resource to simplify blockchain understanding for developers and users.

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