Cardano price analysis: ADA/USD is nursing massive declines, down over 16%; Cardano development team announces “formal specifications” for wallet

Cardano price has taken a plunge like the most of the virtual assets in the market, giving in to the selling pressure across the board. ADA/USD has said ‘bye bye’ to trading above $0.300 after refusing the support at $0.031. Other key support areas also failed to hold the price at $0.29 and $0.26 respectively. The raid by the police on South Korea’s leading cryptocurrency exchange could be the reason behind the general slide in the market. There aren’t substantial details of this investigation except the exchange is suspected of fraud including faking the balance sheet.

Cardano has been in the spotlight lately, making headlines because of its cutting-edge updates and other related software releases. The development team has upgraded the wallet and the latest from them is the launch of the formal specifications for a cryptocurrency wallet. Cardano team believes it’s the first to introduce such specifications for a wallet. The team says formal specifications assist in focusing on the hardest parts while putting less effort on the less vital ones. The Cardano wallet uses the specifications for its backend as well as the data model at while at the same time paying less attention to UI, moreover, it takes an abstract view on cryptography and ledger syntax.

More details on the specifications will be published at a later date, in the meantime, let us focus on the analysis. Cardano price is dancing with $0.2619 while a short-term support has been formed at $0.2600. Further declines will be stopped at $0.25 level, but another target on the downside is $0.200. ADA/USD attempts to retrace higher have been capped at $0.270 although the RSI on the 15’ timeframe chart is at 40 mark after recovering from the oversold levels below 30.