Cardano's price has been under pressure today, primarily due to market volatility affecting major cryptocurrencies like DOGE and BNB. Despite recent upgrades such as the Plomin hard fork, which aimed to enhance scalability and solidify Cardano's role in the blockchain ecosystem, ADA has struggled to gain momentum. The market's focus has shifted towards other cryptocurrencies like Rollblock and Solana, which are experiencing significant gains and sparking FOMO among investors. This shift in attention has left Cardano's price action relatively stagnant, as it battles to break free from its current trading range.
Adding to the bearish sentiment, technical indicators suggest potential downside risks for Cardano. A double-top pattern has formed, with the neckline anchored at a crucial support level of $0.882. This pattern, coupled with a bearish crossing between the 50-day and 100-day moving averages, has heightened concerns about a possible price decline. The psychological barrier of $1 has been breached, traditionally signaling further drops. If the price breaks below $0.882, a 20% decline to $0.762 could be on the horizon, according to technical experts.
Cardano's price has decreased by 0.96% today, trading at $0.967920 as of 6:15 PM on Sunday. The cryptocurrency reached a high of $0.999209 earlier in the day but has since retreated to its current level.