Cardano's price movement today has been influenced by a combination of market-wide factors and specific developments within the cryptocurrency space. The broader crypto market has been under pressure due to strong U.S. employment data, which has heightened fears of a hawkish Federal Reserve stance. This has led to increased risk aversion among investors, impacting altcoins like Cardano. Additionally, the U.S. Department of Justice's approval to sell $6.5 billion worth of Bitcoin seized from the Silk Road has added to the bearish sentiment, contributing to a turbulent week for Cardano.
Despite these challenges, Cardano has shown resilience, with trading volumes remaining elevated. This suggests sustained market interest and potential accumulation by buyers at lower levels. On-chain data indicates that Cardano's market demand remains strong, even amid recent price volatility. The cryptocurrency has faced a 20% drop earlier in the week but found stable support at $0.87, rebounding by 6% within 24 hours. This bounce suggests a potential local bottom, with the possibility of retesting the $1 resistance zone if buying momentum persists.
Currently, Cardano's price is at $0.920932, reflecting a 1.12% decrease today. The price has fluctuated between a high of $0.931385 and a low of $0.920932.