ADA Plunges 8% as Bearish Trend Intensifies

Cardano (ADA) Price Drops 8% as Bearish Trend Gains Momentum

Cardano (ADA) has experienced a significant price drop, with its value decreasing by approximately 8% in the last 24 hours. This decline has brought the cryptocurrency's market capitalization down to around $32 billion. Over the past seven days, ADA has fallen by more than 13%, indicating a strengthening bearish trend in the market.

The recent formation of a death cross and the rising Average Directional Index (ADX) confirm the growing bearish momentum. The price of ADA is currently hovering between key support at $0.87 and resistance at $0.95. If the bearish trend continues, ADA may face further declines, potentially testing support levels below $0.87. However, a recovery above $0.95 could spark a test of levels beyond $1.03.

Analysts predict that if the downtrend continues and the support at $0.87 is breached, ADA could test $0.829 as its next support level. A loss of this level may open the door to further downside, potentially dropping to $0.76, which represents a 14.6% decline from current levels. Alternatively, if ADA price regains the bullish momentum seen two weeks ago, it could retest the $0.95 resistance. Breaking above this level could pave the way for a move toward $1.03, with additional targets at $1.11 and $1.16.