Cardano Price Cools Off Amid Governance Push
Cardano has been on a strong run lately, but its chart is telling a different story right now. The community is excited about a fresh governance push aimed at boosting DeFi liquidity across the network.
The Cardano Foundation voted YES on a proposal to withdraw 120M ADA for AlphaGrowth1's 'Cardano PRIME' program, which aims to bridge Cardano's DeFi liquidity gap and support resilient TVL growth going forward.
Despite this positive development, ADA's price momentum has cooled off from its recent highs. According to data from BSCN, the token rose over 13% in 30 days to reach $0.194, but TVL fell nearly 4% over 30 days and 81.7% over the past year.
A technical analysis of ADA's chart shows a bearish EMA crossover right at current levels, where the EMA 20 has crossed below the EMA 50. The RSI (14) reads 34.53, leaning weak and edging closer to oversold territory.