Cardano ADA Faces Significant Decline Amid Surging Trading Volume
Cardano (ADA) has experienced a notable price drop, declining by 17.51% in the last 24 hours to $0.5318. Despite this downturn, trading volume surged by 206.73%, reaching $1,216,143,466, indicating potential profit-taking or repositioning by traders. Over the past week, ADA has fallen by 18.67%, with its market capitalization now standing at $18,760,327,487. Meanwhile, other cryptocurrencies like Kava, First Digital USD, and PayPal USD have emerged as top gainers in the same period.
Cardano Price Declines, Volume Increases
Cardano (ADA) price drops to $0.5318, marking a 17.51% decline in the last 24 hours. The daily trade volume climbed by 206.73% to $1,216,143,466. This volume increase amidst a price decline suggests profit-taking or repositioning by crypto traders. Cardano has declined 18.67% in the last 7 days, with a total market capitalization of $18,760,327,487. In the last 24 hours, Kava, First Digital USD, and PayPal USD emerged as top gainers, while Berachain, Zcash, and KuCoin Token ranked as top losers.
Cardano’s Death Cross Spells Trouble as ADA Sinks to November Lows
ADA is now trading at $0.52, levels last seen in November 2024. This reinforces the growing bearish sentiment against the altcoin. The downturn has pushed its price into precarious territory, with a death cross now appearing on its daily chart. This marks the first time the pattern, where the 50-day moving average falls below the 200-day moving average, will appear on ADA charts since May 2024. It is viewed as a long-term bearish signal, often preceding extended periods of price weakness.
High FUD: Cardano’s $0.50 Support at Risk
Cardano (ADA) is facing high Fear, Uncertainty, and Doubt (FUD) as its price nears pre-election levels. With 73% longs, the $0.50 support is hanging by a thread. The ongoing bearish phase has led to aggressive long positioning, which remains a high-risk strategy due to continued volatility. At press time, ADA was down 15.20%, breaching the critical $0.60 support level, resulting in the liquidation of 60% of previously long traders. De-risking is in full effect, intensifying downside pressure. HODLing sentiment will play a crucial role in defining Cardano’s future trajectory.
Cardano (ADA) Eyes Resistance Break—Failure Could Spark Fresh Losses
Cardano price started a recovery wave above the $0.5680 zone but is consolidating near $0.60, remaining at risk of more losses. The price is trading below $0.620 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.60 on the hourly chart. In the past few days, Cardano saw a fresh decline below the $0.60 level, similar to Bitcoin (BTC) and Ethereum (ETH). ADA declined below the $0.550 and $0.540 support levels before starting a recovery wave above $0.540 and $0.5550.
