- Cardano’s price has dropped significantly, falling to $0.96 after peaking above $1 earlier this week.
- High selling pressure led to a steep decline, erasing gains from its recent rally.
- Traders are watching the $0.90 support level, which could determine whether ADA rebounds or slides further.
Cardano (ADA) has experienced a sharp pullback, erasing the momentum from its earlier rally that pushed prices above $1. The token is now trading at $0.96, marking a substantial drop over the past 24 hours. This decline reflects increased selling pressure as investors lock in profits following a period of strong upward movement.
The significant price reversal has caused concerns among market participants, with ADA testing critical support levels. The recent volatility highlights the challenges ADA faces in maintaining its bullish momentum amid shifting market sentiment.
Support Levels Become Key as Selling Pressure Rises
The decline in Cardano’s price has placed the $0.90 support level under the spotlight. If this level holds, it could provide a foundation for a potential recovery. However, failure to maintain support might lead to a deeper correction, potentially revisiting lower levels last seen weeks ago.
Technical indicators suggest that the pullback has been driven by profit-taking activity among short-term investors. The market’s focus now shifts to whether the recent sell-off will stabilize or result in further declines. As ADA approaches critical price levels, its ability to hold support could define its near-term trajectory.
