Cardano Price Analysis
Cardano's price has dropped by 20% and is testing the $0.66 support level, with sellers dominating and funding rates turning negative.
A bearish shift in market sentiment and a breakdown below key Exponential Moving Averages (EMAs) have led to increased volatility and selling pressure.
If buyers defend the $0.6671 support zone, ADA could potentially stabilize and retest the $0.70–$0.75 range.
Cardano has taken a sharp hit in the past 24 hours, with its price dropping by more than 20% as bearish sentiment sweeps across the broader altcoin market.
The token is now trading below both its 50-day and 100-day EMAs, a technical sign that sellers currently have the upper hand.
The recent breakout below key EMAs signals a short-term trend reversal after weeks of range-bound consolidation and a steady bullish run.
Author's summary: Cardano's price drop may dictate its next move.