Victoria Bazir
Cardano (ADA) is under renewed pressure, dropping over 6% in a single day to hover near $0.6037. The sharp decline has sparked concern as selling pressure intensifies across the market.
ADA Faces Renewed Downtrend
Trader Sssebi notes that bears have seized control of short-term momentum.
After being rejected at the $0.66 zone earlier in the session, ADA tumbled below $0.61, triggering additional selling volume and raising questions about where the bleeding might stop.
Chart Analysis: Testing Key Support
The chart reveals a steep downtrend with a cluster of red candles pushing the price below $0.61. The $0.60 psychological level now serves as immediate support. If this floor gives way, the next potential support zone sits around $0.58–$0.57. For bulls to regain footing, ADA would need to reclaim the $0.64 level to neutralize the current bearish momentum. Until that happens, any rallies are likely to face resistance.
Market Context Behind the Drop
Cardano's weakness mirrors broader struggles across the altcoin market. Risk appetite remains subdued due to elevated U.S. yields, persistent inflation concerns, and regulatory uncertainty in the crypto space. While the Cardano ecosystem continues making strides in DeFi and smart contracts, short-term technicals are overshadowing these fundamentals.
What Comes Next for Cardano?
The next few days will be critical. Holding above $0.60 could offer a temporary base for consolidation and potential recovery. However, a decisive break below this level may trigger deeper losses. The key question now is whether Cardano's bulls can absorb the pressure - or if ADA is headed for another leg down in the coming weeks.
Victoria Bazir
