Can Cardano Price rebound as staking inflows Jump by $215M?

The Cardano price remained under pressure this week, erasing some of the gains made last week when it rose to its monthly high. Cardano ( ADA ) retreated for the second consecutive day, reaching a low of $0.670. It has dropped by almost 10% from its highest level this week. A potential catalyst for Cardano is that it is attracting more long-term investors, even as it remains 50% below its highest level from November last year. Data compiled by StakingRewards shows that there was a net increase of 307 million ADA staked on Cardano. These tokens are valued at over $215 million. Most of the increase happened on April 30, when 160 million ADA tokens were staked. Cardano now has a staking ratio of 60.65% as coins worth over $15.3 billion have been staked. This is a bigger ratio than Ethereum ( ETH ), which has a staking ratio of 28%, and Tron ( TRX ), which has 42%. A higher ratio is a sign that investors have a longer outlook for a coin. ardano also has other bullish metrics. The total value locked in the network has jumped to $394 million , with dApps like Minswap, Liqwid, Indigo, and Splash Protocol leading the charge. The daily DEX volume on the chain has also averaged over $4 million in recent days. Cardano’s main catalyst is the upcoming Bitcoin ( BTC ) integration, which will enable Bitcoin holders to generate returns through a secure, zero-knowledge-based approach. Cardano price technical analysis AD price chart | Source: crypto.news The daily chart shows that ADA has been in a downward trend over the past few months. It has fallen from a high of $1.326 in December last year to the current $0.68. The coin has dropped below the 61.8% Fibonacci retracement level, a key level often associated with reversals. It has also fallen below the 50-day Exponential Moving Average, a sign that bears are gaining control. Cardano’s ongoing retreat followed a retest of the upper boundary of its descending channel. Therefore, the coin will likely continue falling as bears target the lower side of the channel at $0.513, about 24% below the current level. A move above the channel’s upper boundary would invalidate the bearish outlook.

Source: crypto.news