- Dan Gambardello states that Cardano is leading the way in staking.
- The Twitter influencer says that Cardano will be a truly decentralized blockchain.
- In related news, the price of ADA has dropped more than 6% over the last 24 hours.
The crypto influencer, Dan Gambardello (@cryptorecruitr), tweeted this morning that “all eyes will begin turning to Cardano,” which he referred to as the leader in staking. In the tweet, Gambardello stated that it is only a matter of time before “Cardano showcases the power of a truly democratic blockchain; secure, decentralized, and fair.”
In related news, the altcoin’s price has suffered a bit over the last 24 hours according to CoinMarketCap. According to the crypto market tracking website, the price of Cardano (ADA) has dropped 6.41% over the last 24 hours.
This 24-hour drop in ADA’s price has added to its already-negative weekly performance, which now stands at -10.39%. As a result, the price of ADA is trading at $0.3605 at press time.
Looking at the daily chart for ADA/USDT, the price of ADA has broken out of the bearish ascending wedge pattern that formed on its chart. Thereafter, ADA’s price consolidated for 2-3 days before declining to slightly above the support level at $0.3482.
This drop in ADA’s price over the last 5 days has also resulted in it trading below the 9-day and 20-day EMA lines.
Technical indicators for the Ethereum-killer suggest a bearish outlook in the coming days. The daily RSI line broke away bearishly below the daily RSI SMA line and remains pointed towards oversold territory.
Meanwhile, the 9-day EMA is looking to cross bearishly below the 20-day EMA. Should this cross happen, momentum will swing in favor of the bears in the coming week.
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