Cardano Plummets 55% From 2024 Peak Amid DeFi Decline

Cardano, a prominent blockchain platform, has experienced a significant decline in its value, dropping by 55% from its yearly high. The cryptocurrency's price has continued to fall, reaching $0.60 on June 20, marking its lowest level since April 25. This downward trend has resulted in six consecutive weeks of losses, placing Cardano nearly 55% below its 2024 peak of $1.315.

The technical indicators for Cardano paint a grim picture. The weekly chart shows that Cardano has traded under the 50-week Exponential Moving Average, an indicator that supports the profitability of the trend. The Commodity Channel Index and the Percentage Price Oscillator, as technical indicators, show a downward trend. Such signs show continuous suppression in the market with rising volume of sales. Expanding the Wedge Pattern indicates a 30% decline in the level. Cardano seems to be near a rising broadening wedge, the pattern that connects higher tops and lows on sequential trendlines. This tendency is frequently observed in the price action, as in the past, support zones were retested numerous times before a possible breakout occurred. Here, the move below 0.516 would be in confirmation of a break below the support and would lead to a descent scenario towards 0.40, which is a loss of another 30% at the prevailing price level.

The decrease in the decentralized finance (DeFi) of Cardano is a reason for plunging the pressure to plunge downwards. The recent statistics say that the total value locked in Cardano-based protocols has shifted down by 30% over the past 30 days and stands at approximately 330 million right now. Its stablecoin market is weak, with a total supply of only 30 million, which is in comparison with its rivals.

This is added to the fact that integration with the leading oracle provider, Chainlink, has come to a halt. The founder of Cardano, Charles Hoskinson, recently vented his frustration with the constant delays, citing that divisions within Chainlink could be causing a lapse. This incorporation was anticipated to enhance the cross-chain connectivity of Cardano through the deployed Cross-Chain Interoperability Protocol by Chainlink.

Cardano’s continued slide, paired with weakening DeFi performance and a lack of key oracle integration, signals a critical moment for the blockchain. A confirmed break below support could accelerate the decline to $0.40. A rebound remains possible only if the asset holds above key technical levels and regains momentum through renewed development progress.