Cardano Is Developing Its 7th Consecutive Monthly Red Candle.

For the seventh month in a row, a red candle is forming for Cardano (ADA), which is now trading far below $1 and signaling the continuance of the largest Proof-of-Stake (PoS) asset’s protracted negative trend.

A red candle for a token indicates that its closing price was lower than both its opening and prior closing prices. In the case of ADA, this occurred for six months in a row and appears to be on course for a seventh.

According to CoinMarketCap data, Cardano has been following a monthly red candle streak since September 2021, with the last green candle shining in August 2021.

Despite recent updates to the Cardano network and the Ouroboros protocol, including an update to the 4.9.0 version of its Daedalus wallet, the price of the ADA coin has been steadily declining since August 2021.

Since February 20, the token’s price has fallen below $1, representing a 4.92% drop over the preceding seven days. At the time of publication, the price of ADA was $0.8797, a 3.82% reduction in a 24-hour period.

This is also a significant decrease from August 31 (when the last green candle was lit), when the price of one ADA was $2.77. To be more specific, it has dropped by a whopping 68.27 percent.

Nonetheless, the blockchain’s total value locked (TVL) has made significant progress and continues to do so. It was $139.79 million at press time, surpassing its previous all-time high of $133.39 million on March 2.

According to DefiLlama statistics, the March 2 TVL record surpassed the previous all-time high of $130 million set on February 17.

Not to mention that since Cardano’s significant network update in September, which included smart contract capability, enhancing the ADA’s scalability and speed, over 1000 smart contracts and over 3 million ADA wallets have been added.

As a result of all of its enhancements, traders are keeping a careful eye on ADA to see whether it can escape a seventh straight red candle or if there is a decent entry opportunity to purchase Cardano.

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Patrick

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