Cardano (ADA) has suffered a significant drop despite some cryptocurrencies being in the green. Sellers continue to exert pressure on the market.
Cardano's Market Position
Cardano (ADA) is one of the biggest losers today, falling by 5.78%. Despite today's drop, ADA's price remains bearish.
Hourly Chart: Bearish Sentiment
On the hourly chart, ADA is still in a downward trend. If the price breaks the $0.70 mark, a test of the $0.69 zone is possible. The current bearish scenario is also visible on the daily charts, where the key level is $0.6909. If bulls cannot keep the rate above it, a drop to $0.66 is possible.
Midterm Perspective
From a midterm point of view, the situation is neutral. If the weekly candle closes around the current prices, there is a chance to see a test of the $0.60 mark.
Cardano (ADA) continues to face pressure across various time frames, which could lead to further price declines unless buyers step in soon.
