Overview

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The Cardano blockchain’s native token ADA slumped to $0.26 on Monday erasing nearly 15% of its price since last week. ADA remained on a slippery slope ever since it Cardano (ADA) has maintained a relatively steady upward trend over the past few weeks. Although the cryptocurrency was rejected at the $0.84 price level again last week, the current Cardano’s liquidations jumped to almost $32 million on Monday. Cardano price joined other altcoins in a strong dip on Monday. Its crash also happened after the Cardano (ADA) is trading dangerously close to a low resistance level, however, market analysts still see upside potential for the cryptocurrency. ADA price is down After a dramatic surge to $1.1358 following former U.S. President Donald Trump’s crypto reserve plan announcement, Cardano ($ADA) has faced a sharp pullback. At Cardano (ADA) has been grappling with maintaining its position above the recently reclaimed $0.26 threshold, signaling the possibility of a bull trap. The cryptocurrency’s The significant 26% drop in Cardano’s (ADA) price since last week raises important questions about its future price trajectory. The key consideration now is whether Its flagship cryptocurrency ADA has suffered a steep financial loss of 30% in just one month. As a result, an overwhelming majority of its holders find themselves in

Cardano (ADA) Slumps to $0.26: Here's Why

The Cardano blockchain’s native token ADA slumped to $0.26 on Monday, erasing nearly 15% of its price since last week. ADA remained on a slippery slope ever since it began. But what's driving this downturn?

Cardano's Price Action: A Recent Rollercoaster

Cardano (ADA) has maintained a relatively steady upward trend over the past few weeks. Although the cryptocurrency was rejected at the $0.84 price level again last week, the current slump is a notable departure. After a dramatic surge to $1.1358 following former U.S. President Donald Trump’s crypto reserve plan announcement, Cardano ($ADA) has faced a sharp pullback. The significant 26% drop in Cardano’s (ADA) price since last week raises important questions about its future price trajectory. The key consideration now is whether ADA can hold above its current level or if further downside is expected.

Liquidations and Altcoin Correlation

Cardano price joined other altcoins in a strong dip on Monday. Cardano’s liquidations jumped to almost $32 million on Monday, highlighting the severity of the sell-off. Its crash also happened after the broader market experienced a period of volatility.

Technical Analysis: Key Levels and Potential Upside

Cardano (ADA) is trading dangerously close to a low resistance level, however, market analysts still see upside potential for the cryptocurrency. ADA price is down, yet some remain optimistic. Cardano (ADA) has been grappling with maintaining its position above the recently reclaimed $0.26 threshold, signaling the possibility of a bull trap. The cryptocurrency's ability to stay above this level will be crucial in determining its short-term future.

Holder Sentiment and Future Outlook

Its flagship cryptocurrency ADA has suffered a steep financial loss of 30% in just one month. As a result, an overwhelming majority of its holders find themselves in a difficult position. Will Cardano recover? Only time will tell, but understanding the factors contributing to this slump is essential for investors.