Cardano (ADA), the tenth-largest cryptocurrency by market capitalization, continues to experience a price decline, reaching $0.606.
Current Situation in the Cardano Market
As of the time of writing, ADA has fallen by 4.7% over the past 24 hours. From Monday to Wednesday, the price hit $0.60, marking an intraday low.
Reasons for the Price Decline
The decline in Cardano's price occurs amid a broader downturn in the cryptocurrency market. In particular, Bitcoin (BTC) and other major cryptocurrencies also fell by more than 3% following a recent increase.
Prospects for Recovery
Market analysis suggests that ADA may be consolidating in a range between $0.51 and $0.77. Trading volume indicators show persistent selling pressure, but signs of accumulation at lower levels are also observed.
The situation in the Cardano market remains uncertain, and although signs of recovery may appear, overcoming key resistance levels will be vital for further growth.
