Cardano's price fell 33% since late July, when its staking network launched and buyers pushed ADA/USD to $0.155. The token now trades around $0.092 after dropping as low as $0.085 and bouncing back to $0.126. The daily chart shows lower highs and lower lows.
ADA/USD drops to $0.092 to continue month-long decline
Cardano's price fell 33% since late July, when its staking network launched and buyers pushed ADA/USD to $0.155. The token now trades around $0.092 after dropping as low as $0.085 and bouncing back to
Key Points
- Cardano's price fell 33% since late July, when its staking network launched and buyers pushed ADA/USD to $0.155.
- The token now trades around $0.092 after dropping as low as $0.085 and bouncing back to
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ADA/USD moved below the 20-day Bollinger Bands midpoint and broke the 50-day simple moving average on the downside. RSI and MACD readings both indicate selling pressure that began September 2. Buyers encounter resistance at the 23.6% Fibonacci retracement level of $0.100. If that level breaks, the next resistance levels sit at $0.11 and $0.126, though they would need to hold the 50-day SMA at $0.12 to build momentum back toward early August prices.
ADA/USD gained 1.11% over the past 24 hours, hitting $0.0977 on Wednesday. Continued weakness could push ADA toward $0.090 or lower.
Flipside Crypto data shows the repositioning. Holdings by users fell from 11 billion ADA in mid-August to 1.4 billion by September 16. Binance holds 7.4 billion of the 30-day active supply. The pattern points to selling rather than staking. If weakness continues, sellers may push ADA toward the 200-day simple moving average at $0.0792.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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