• Cardano continues to show price drops raising speculations of hitting the $0.4 support. 
  • The altcoin’s daily trading volume showed a modest increase of 2.07% as per CMC data.

In the past day, the crypto market has retraced back to previous support levels after a brief recovery. Meanwhile, the US regulatory sector is drumming up with a major announcement. The final voting to nominate SEC Paul Atkins is looming closer. On the other hand, the global economic landscape is still shaky as tariff wars continue to escalate. 

Within the cryptocurrency sector, Bitcoin is trading at its November 2024 all-time high of $77,000. This modest drop has had its effect in the altcoin sector as well. Notably, Cardano, one of the leading altcoins, has factored in further drops after Monday’s significant freefall. 

Over the last 24 hours, ADA has factored in a modest price drop of 7.25%. In the afternoon hours of April 8, the altcoin was trading at a high of $0.6058. However, as bearish candles sparked it fell to current levels. At the time of writing, Cardano was trading at $0.5556 as per CMC data . 

On Monday, April 7, the altcoin crashed to the $0.52 level, hitting its November low similar to that of BTC. Owing to recent dips and previous bearish trends, Cardano’s weekly price performance stands at 17.16%. 

Will Cardano Reach $0.4 Support Soon? 

On analyzing its recent price movements, as expected Cardano traces a descending channel pattern. A descending channel pattern is testimonial for bearish overpowering of price movements. Further price dips are usually expected for this pattern. ADA’s technical indicators also confirm this prediction. 

Will Cardano Bears Succeed in Reaching the $0.4 Support, as Token Continues to Fall? image 0 ADA/USDT Daily Price Chart (Source: TradingView )

Its bull power value stands at 0.76 as per TradingView data . Its bear power, value on the other hand, stands at a high of -10.65. This further elucidates the bearish trend. Subsequently, Cardano’s RSI value stands at a low of 33.15 suggesting negative market sentiment. 

If the bears continue to affirm their hold, the token can be expected to fall to a $0.4 support. Meanwhile, other altcoins such as Story (IP) have shown modest price increases in the last 24 hours. 

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