The popular cryptocurrency that fell by 12% in a week is named

Over the past seven days, the value of the Cardano cryptocurrency (ADA) has fallen by almost 12%. Today, on June 9, the cryptocurrency is trading at $ 0.3172 with a market capitalization of $ 14.2 billion. Daily trading transactions reached $ 244.8 million. According to CoinMarketCap, the virtual coin’s rate dropped by almost 2% in just one day.

Market experts noted that ADA’s support in the range of $ 0.33 to $ 0.34 did not work, and the bearish trend is still dominant.

The accumulation of ADA is also slowing down as crypto investors choose a wait-and-see tactic. Cryptocurrency experts assume that the coin will test even lower values in the coming days — it will depend on the flagship cryptocurrency. If bitcoin is in a phase of turbulence, it will drag down most altcoins.

Pressure from cryptocurrency sellers has increased after the US Securities and Exchange Commission (SEC) Binance-vlada-ssha-podala-v-sud-na-kryptovalyutnu-birzhu-Coinbase/«>sued crypto companies Coinbase and Binance. If Cardano does not hold at $ 0.32 in the coming days, the asset may fall below $ 0.30. Thus, ADA may have its lowest performance since March 2023.

Market analysts are convinced that if the pressure from the bears continues, the bulls are unlikely to move into an active phase.

Recently, Cardano founder Charles Hoskinson warned users about the spread of fraudulent cryptocurrencies on his behalf using artificial intelligence. Hoskinson called this trend «the future of crypto fraud.» He expects that in the next 1−2 years, such scams will result in millions of dollars in user losses.