Cardano price (ADA) has plunged over 10% in the past 24 hours, sliding to around $0.77 and breaking a key support level. The drop occurs amid a broader crypto market sell-off, growing uncertainty surrounding ETF approvals, and technical signals suggesting further downside ahead.
Market-Wide Pressure Hits ADA
The decline in Cardano price isn’t happening in isolation. The global cryptocurrency market lost around $103.37 billion in the last 24 hours alone, as the market is down 2.62%, dragging down major altcoins such as XRP, SOL, and DOGE.
Meanwhile, Bitcoin dominance climbed to 61.29%, pulling capital away from riskier altcoins. The Altcoin Season Index dropped to 36 from 43 overnight, which means investors have shifted toward Bitcoin and away from speculative plays like ADA.
Adding to the pressure, the SEC abruptly paused Bitwise’s multi-asset ETF, which included a 4.97% allocation to ADA. While the allocation wasn’t massive, the sudden freeze reignited investor fears about the regulatory outlook for altcoins. It mirrors the delay in Grayscale’s previous filings and suggests a chilling effect on market sentiment.
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On-chain data adds another layer to the bearish case. Cardano’s daily active users dropped to 39.6K, down from highs above 60K earlier this year. The total value locked (TVL) in ADA’s DeFi ecosystem has decreased to $382 million, representing a nearly 3% decline over the past 24 hours.
Technical Breakdown Confirms Bearish Momentum
Technically, ADA’s breakdown was almost inevitable. It fell below its 7-day SMA at $0.848 and breached the 24-hour pivot point of $0.837, triggering stop-losses near $0.772. The MACD histogram has turned negative (-0.0145), confirming growing bearish momentum.
Moreover, the RSI sits around 55.76, showing ADA isn’t yet oversold. This leaves room for further downside, potentially toward the 38.2% Fibonacci retracement level at $0.780. If that level fails, traders are eyeing the next support near $0.73.
Even on short-term charts, the picture looks grim. Although the volume is high, recent candlesticks show weak bounces, classic signs of a bear-controlled market. Trader Sssebi highlighted that the recent bounce is “not convincing” and warned of more downside pressure.
Cardano Price Prediction: What’s Next for ADA?
Looking ahead, Cardano price risks revisiting lower levels if it can’t reclaim $0.80–0.82 soon. Analyst Javon Marks previously noted a potential bullish setup toward $2 if ADA maintained upward momentum. However, that scenario is now on hold as the chart has entered a deeper correction phase.
In the short term, traders are eyeing $0.73 and $0.68 as potential next targets. A bounce could occur if ADA hits oversold RSI levels, but for now, the bias remains bearish. Any recovery will likely depend on a reversal in altcoin sentiment or a renewed surge in ETF optimism.
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