SEC calls it a security after ADA Price death cross looms

Cardano (ADA) price flashed a ‘death cross’ over the weekend – a bearish technical indicator that signals downside momentum and a possible upcoming tailspin.

Two weeks after the US Securities and Exchange Commission (SEC) sued Coinbase, it designated ADA as a security in the process.

• A death cross occurs when an asset’s 50-day simple moving average crosses below its 200-day moving average.
• According to trading view, almost all the moving average indicators on Cardano are showing a “Sell” signal. The last time the asset flashed the death cross, notably, was in December 2021 – the start of a year-long downtrend for both Cardano and all crypto.
• The asset later flashed its counterpart signal – a ‘golden cross’ – in March, as the collapse of several banks triggered a rush of capital into bitcoin and other digital assets.
• Although considered unbelievable in itself, the death cross comes just as the SEC filed a lawsuit against two of the world’s largest crypto exchanges, Binance and Coinbase.
• In a later lawsuit, the ADA was Name A security along with a dozen other crypto assets, most of which have suffered particularly strongly since the case was filed. Since then, ADA is down ~30%, trading for $0.25 each.
• The ongoing pressure against altcoins has fueled bitcoin’s dominance this month, which recovered 50% on Monday for the first time since 2021. bitcoin billionaire michael sailor Predicted Regulatory action on competing coins could eventually increase the asset’s dominance to over 80% in the long term.

Cardano (ADA) price flashed a ‘death cross’ over the weekend – a bearish technical indicator that signals downside momentum and a possible upcoming tailspin.

Two weeks after the US Securities and Exchange Commission (SEC) sued Coinbase, it designated ADA as a security in the process.

• A death cross occurs when an asset’s 50-day simple moving average crosses below its 200-day moving average.
• According to trading view, almost all the moving average indicators on Cardano are showing a “Sell” signal. The last time the asset flashed the death cross, notably, was in December 2021 – the start of a year-long downtrend for both Cardano and all crypto.
• The asset later flashed its counterpart signal – a ‘golden cross’ – in March, as the collapse of several banks triggered a rush of capital into bitcoin and other digital assets.
• Although considered unbelievable in itself, the death cross comes just as the SEC filed a lawsuit against two of the world’s largest crypto exchanges, Binance and Coinbase.
• In a later lawsuit, the ADA was Name A security along with a dozen other crypto assets, most of which have suffered particularly strongly since the case was filed. Since then, ADA is down ~30%, trading for $0.25 each.
• The ongoing pressure against altcoins has fueled bitcoin’s dominance this month, which recovered 50% on Monday for the first time since 2021. bitcoin billionaire michael sailor Predicted Regulatory action on competing coins could eventually increase the asset’s dominance to over 80% in the long term.