On June 14, ADA, the digital asset from Cardano, traded at $0.6229, experiencing a decline of 1.71% within 24 hours and temporarily dipping to $0.6176. Following a noteworthy sell-off by whales involving 270 million ADA (around $170 million), the price has seen significant pressure amidst ongoing geopolitical tensions in the Middle East.

The Cardano Foundation recently launched a product named Originate, designed to validate product authenticity and encourage enterprise utilization. This new blockchain tool is built to assist businesses in complying with regulations and preventing counterfeiting by allowing them to digitize and monitor essential product information on-chain, thus enabling quick verification for consumers and regulatory bodies.

The Foundation claims that Originate aims to enhance brand trust in sectors that demand supply chain transparency, potentially boosting Cardano’s profile within the enterprise market, especially as stakeholders look for practical applications beyond DeFi and staking.

Key Observations

• ADA’s trading range has been between $0.6176 and $0.6428, closing lower at $0.6229, reflecting a 1.71% loss for the day.
• Strong resistance is observed near the $0.642-$0.645 area, while the price has dropped below the $0.636 support level.
• The most significant trading volume spikes occurred after 18:00 GMT when the price fell below $0.62, prompting a brief sell-off followed by smooth consolidation.
• The current trend remains bearish, with lower highs evident throughout the day and rejections occurring at $0.635.

Disclaimer: Parts of this article were generated with AI tools and were validated for accuracy.