Cardano price remained on edge on Tuesday, even after Midnight Foundation unveiled top blue-chip companies as node operators.
Summary
- Cardano price continued its strong downward trend on Tuesday.
- Midnight unveiled MoneyGram, Vodafone, and eToro are some of the top validators.
- Technical analysis suggests that the ADA token may continue falling.
Cardano (ADA) token retreated for four consecutive days, reaching a low of $0.2600, down sharply from the year-to-date high of $0.4375.
ADA token has slumped despite the ongoing excitement about the upcoming Midnight mainnet launch, which will happen in March.
Midnight is an upcoming sidechain that will focus on privacy. It will enable developers to build privacy-focused applications. Most notably, Midnight will enable privacy stablecoins, which will make it possible for users to send money anonymously.
In a statement on Tuesday, the company announced three top blue-chip firms, like MoneyGram, eToro, and Vodafone, as validators.
This is notable as these are some of the top companies globally, with MoneyGram moving millions of dollars a day. In a note, Omri Ross, the Chief Blockchain Officer at eToro, said:
“Midnight’s architecture for confidential smart contracts with built-in verifiability aligns with our long-term view that, over time, all asset classes will increasingly move on-chain.”
Cardano price has additional catalysts in the coming months. For example, the developers are working on implementing measures to boost stablecoin growth in the network. Indeed, it recently partnered with LayerZero, a top bridging network connecting hundreds of chains.
Cardano is also working on introducing more oracle networks to the network. It has already integrated Pyth Network in the ecosystem, and developers are aiming to add Chainlink and other networks.
Additionally, the developers are working on Leios, an upgrade that will supercharge its performance, making it more comparable to Solana and Ethereum.
Cardano price technical analysis
The weekly timeframe chart shows that the ADA price has come under pressure in the past few months, moving from a high of $1.3248 in November 2024. It has dropped to a low of $0.2550, its lowest level in August 2024.
Cardano has remained below the 50-week and 100-week Exponential Moving Averages, while the Relative Strength Index has continued moving downwards.
Worse, the coin has formed a multi-year head-and-shoulders pattern, a common bearish reversal sign. Therefore, it may drop to the next key support level at $0.20.
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