The price of Cardano (ADA) has dropped below the crucial $1 support zone, indicating a dire outlook for the coin. It is currently in an oversold consolidation phase, with the Relative Strength Index (RSI) showing a massive overbought sentiment. Despite this, Cardano has been one of the best-performing assets in the past month, with a surge of 204%. Profitable traders are choosing to sell off, leading to the price sell-off. However, Cardano is focusing on developmental growth and aims to become a reference point in the industry. It has presented itself as a competitor to rivals like Solana, with a history of downtimes. The overall outlook for Cardano remains bullish, and it may make a major comeback as the market settles.



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