Cardano saw profit-taking on Monday after a rally over the weekend led its price to $0.30. Cardano rose for three days straight from Feb. 12 to 14 to reach a high of $0.301 on Feb. 15 before it retreated.
The weekend rally followed that of the broader crypto market as investors reacted to a cooler-than-expected U.S. inflation print and signs of renewed risk appetite. The Consumer Price Index for January rose 2.4% year-over-year, just below the forecast 2.5%.
The rise also followed a week of major announcements for the Cardano ecosystem. Cardano founder Charles Hoskinson announced at the recent Consensus event that USDCx stablecoin will launch on Cardano by the end of February.
You Might Also Like
In a separate announcement, LayerZero, a multichain messaging protocol connecting over 160 blockchains with $200 billion in cross-chain volume, will be integrated with Cardano and its ecosystem. This marks another huge step for Cardano’s interoperability, with the integration unlocking the largest cross-chain connectivity expansion in Cardano’s history. This is expected to open the pathway to stablecoin liquidity, Bitcoin-backed assets, tokenized real-world assets and shared DeFi infrastructure across the broader crypto ecosystem.
$0.244 most important support
According to Alicharts, $0.244 is the most important support level for Cardano as the market faces uncertainty.
Currently, Cardano is trading in red as the crypto markets fell on Monday ahead of a packed week of economic data. In the last 24 hours, liquidations across the market have reached $280 million, according to CoinGlass data.
At the time of writing, ADA was down 1.02% in the last 24 hours to $0.281. Traders are preparing for a busy week of macroeconomic events, including Fed minutes and the core PCE inflation report.
The minutes of the January Fed meeting are expected as well as the release of the Fed’s preferred inflation gauge, the core personal consumption expenditures price index (PCE), for fresh positioning signals.