Cardano was one of the biggest losers after the US Consumer Price Index was released on Thursday.
ADA dipped to a 21-month low of $0.35 in the immediate aftermath of the announcement, a price that has not been seen since January 2021.
The coin has made a slight recovery to $0.37 but is still 4% down in the last 24hrs and 12.5% down in the last seven days - the second-largest amount of any coin in the crypto top 25 (Uniswap is 13% down).
Short-Term Pain for ADA
Bears have hold of Cardano and as CryptoNews analyzed earlier this week, ADA did have strong support at $0.39 but that was broken through in the wake of the CPI announcement.
Support was found at $0.34 but should another sell-off occur then a sharp downtrend to $0.25 - even $0.15 is possible in a worst-case scenario.
However, despite continued losses for the coin, ADA is deep in oversold territory, currently sitting at 26 on the Relative Strength Index (RSI).
Speaking earlier this week ahead of the CPI, founder Charles...
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