The price of Cardano (ADA) has dropped by over 25% in the last seven days, with its market cap decreasing to $26 billion. Trading volume has also fallen by 35% in the past 24 hours, indicating reduced market activity. The number of whale addresses holding ADA has stabilized after a recent surge, suggesting a period of balance as large holders await clearer market signals. The Average Directional Index (ADX) for Cardano climbed from 11.2 to 41.6 within five days, indicating a strong downward trend that coincided with a 20% price correction. Despite a stable ADX, the downtrend has been powerful and there are still downside risks. The number of whale addresses remains stable, suggesting a period of balance, with large holders neither aggressively accumulating nor selling ADA. The price of Cardano is currently trading between support at $0.65 and resistance at $0.82, with downward momentum dominant. If an uptrend emerges, ADA could potentially test $0.82 and even reach upside targets of $1.03 or $1.16. However, if the downtrend continues, ADA could drop further to $0.51 or even $0.32, marking a significant decline.



Other News from Today