Cardano price drops 10%, faces continued bearish pressure
Cardano price analysis shows steep decline
Cardano (ADA) is currently trading at $0.8561, reflecting a 2.75% decline over the past 24 hours. The cryptocurrency remains under significant selling pressure, with its daily range spanning from $0.7617 to $0.9174. ‘
Trading volume in the past 24 hours has reached 2.09B, further highlighting the bearish sentiment dominating the market. ADA has slipped below key support levels, raising concerns about continued downward momentum in the near term.
Cardano price movement (Aug 2024 - Dec 2024) Source: TradingView
Weekly performance and trading volume
Over the last seven days, Cardano’s value has fallen by more than 18.5%, reflecting a broader bearish trend in the cryptocurrency market. Trading volume in the past 24 hours reached $2.09 billion, representing 0.79% of the total volume of all cryptocurrencies. During the same week, Cardano traded within a broader range of $0.8502 to $1.1324, with the current price still down 71.45% from its all-time high of $3.10, achieved on September 2, 2021.
Cardano’s significant loss coincides with a period of heightened market volatility, as the cryptocurrency sector reacts to macroeconomic uncertainties and investor sentiment. Analysts note that despite Cardano’s innovative developments in blockchain technology, its price remains vulnerable to external pressures. The recent plunge highlights the challenges faced by altcoins in maintaining stability amid broader market fluctuations.
Looking forward, Cardano’s price recovery will depend on improved market conditions and continued investor confidence in its ecosystem. Traders and investors are advised to monitor key support levels and broader market trends to anticipate potential price movements.
In our earlier analysis, we highlighted Cardano’s ambitious price target of $9, supported by Hydra’s Layer-2 scaling solution and increased enterprise adoption. These factors continue to underline the network’s potential, even as current market conditions weigh on its price performance.
