Cardano (ADA) starts the week on a bearish note, down by almost 0.8% in the past 24 hours and losing over 20.8% of its value over the past week. At the time of writing, ADA/USD is trading around $1.24. Bears Keeping Control of Cardano’s (ADA) Price Action Cardano’s price action clearly shows a pullback in ADA/USD, indicating that bears appear to be in control that could keep Cardano towards a larger decline that involves a psychological test of $1.00 or sweeps towards the May 19 low of $0.91. Against Bitcoin, ADA fell beneath the 50-day MA and fell as low as 3440 SAT. If the price decline continues, the cryptocurrency could fall as low as May 19, where ADA would need to break through the May 23 low at $1.04 and the 200-day SMA at $0.98. Changing hands at $1.24, the token was down 0.8% in the past 24 hours with the current market capitalization of $39 billion. One of the reasons for ADA’s weakness is the overall pessimistic mood of the crypto market since last week. Despite the recent price in most currencies, Cardano investors have had a great year so far in 2021 with its year-to-date (YTD), ADA-USD being up over 740%. Cardano’s Expansion in Africa In April, April, Cardano developers Input-Output Global (IOG) announced on partnering with the Ethiopian and Tanzanian governments to build scalable infrastructure together with World Mobile for providing mobile internet access to the nation while offering digital-based identity for economic development. Earlier this month, IOG Director of Operations, John O’Conner announced on bringing 1 million more users to the Cardano platform in a new government partnership in Africa relating to payments and open finance, saying that the deal is still in the early stages, with the functional part still in research. ADA is currently the fourth-largest cryptocurrency by market cap. At the beginning of the year, ADA was priced at just 17.5 cents and over a month ago its price peaked at $2.45.
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