ADA Drops 6.45% Amid Middle East Conflict; Ford Joins Blockchain Legal Data Pilot
Cardano’s ADA token fell to $0.5478 on June 22, sliding 6.45% in 24 hours as escalating tensions in the Middle East unsettled markets. The token dropped from an intraday high of $0.586 to a low of $0.5464, with the steepest decline—a 3.2% drop—occurring during the 21:00 hour amid heavy trading volume of 126 million, according to CoinDesk Research’s technical model. Overall, 24-hour trading volume rose nearly 37.4% above its 30-day average, signaling increased market activity.
Despite short-term volatility, Cardano’s long-term outlook remains positive. Nearly $1 billion worth of ADA has been withdrawn from centralized exchanges this year, and major holders have added over 310 million tokens just in June.
Adding to the project’s momentum, Cardano announced a promising proof-of-concept partnership with decentralized storage platform Iagon, legal tech firm Cloud Court, and automotive giant Ford Motor Company. The pilot explores integrating Cardano’s blockchain with Iagon’s decentralized cloud storage to develop secure, efficient legal data management systems.
Ford, serving in an advisory role, brings extensive expertise in managing large-scale legal data operations. The initiative employs a hybrid model: sensitive legal documents are encrypted and stored off-chain, while on-chain records handle access logs and verification. This approach aims to resolve challenges like fragmented records, inefficient collaboration, and lack of auditability.
The partnership highlights Cardano’s growing enterprise adoption, with potential applications extending beyond legal tech into healthcare, finance, and public services.
Technical Highlights
- ADA’s price dropped 7%, falling from $0.586 to $0.545 during the analyzed period.
- The sharpest intraday drop was 3.2% during the 21:00 hour, accompanied by heavy volume.
- Resistance levels formed near $0.569; support was tested around $0.545.
- Attempts to rally at 23:00 and midnight met resistance despite volumes over 60 million ADA.
- Price action confirmed a bearish descending channel marked by lower highs and lows.
- Between 06:05 and 06:38, ADA shifted to a bullish channel with higher highs and lows.
- Resistance emerged at $0.558, with support near $0.554.
- Volume peaked at 2.3 million ADA at 06:16, supporting a brief upward move.
- A slight retracement from $0.558 to $0.556 followed, typical for post-rally consolidation.
- Declining volume during the pullback indicated easing selling pressure.
