Cryptocurrency markets have experienced a sharp decline as of late, reaching an all-time low on December 31. The prices of both Cardano (ADA) and Binance Coin (BNB) have taken a hit, with the former falling more than 10% and the latter experiencing its seventh consecutive day of losses.
Cardano (ADA) experienced a major downturn over the weekend, with prices dropping for the third straight session.
The token saw a high of $0.3011 on Friday, but this quickly dropped to $0.2603 in today’s trading. This marked a decrease of nearly 13%, with the ADA/USD hitting an all-time nadir.
Analyzing the chart, it can be seen that the 10-day moving average (red) has crossed its 25-day counterpart (blue). This shift in price momentum suggests that it has experienced a significant increase in its price.
The Relative Strength Index (RSI) has also dropped into the oversold zone to 24.13, its lowest point since October 21.
Binance Coin (BNB)
The BNB token has also taken a hit, falling for the seventh consecutive session.
This comes amid news that Mazars, a financial firm, recently halted its audit of Binance’s reserves.
BNB/USD has dropped to $221.00 at the time of writing, one day after reaching a high of $264.25.