Key takeaways
- Cardano’s ADA is the worst performer among the top 10 cryptocurrencies, dropping 8% in the last 24 hours.
- The coin may recover above $1 if it successfully retests the $0.84 support level soon.
ADA retests $0.84 amid bearish price action
The cryptocurrency market has been bearish since the start of the week, and Cardano’s ADA has fallen the most among the top ten coins by market capitalization. ADA lost 8% in the past 24 hours and briefly dipped to $0.84.
Following the downturn, ADA retested the $0.84 trendline support and could be positioned for another move higher after it surpassed the psychological $1 level last week. This weakness coincides with a broad market sell-off, during which Bitcoin briefly fell below $113,000 today.
Ether also slipped under $4,200, while XRP and Solana failed to hold gains above $3 and $200, respectively.
ADA could reach $1 if $0.84 support holds
The 4-hour ADA/USD chart remains bullish and stable despite the 8% decline over the past 24 hours. However, technical indicators have shifted toward bearish territory, suggesting sellers currently have the upper hand.
An RSI reading near 44 indicates ADA could move into oversold conditions if bulls do not regain control. MACD lines have also crossed into bearish territory.
At the time of writing, ADA trades around $0.8491, and the $0.84 support level is holding. If this support remains intact, ADA could target the first major resistance at $0.9570 and potentially revisit last week’s high of $1.0198.
If $0.84 fails to hold, ADA could lose the trendline support and fall toward the next key support zone near $0.7685. Continued bearish momentum might push ADA to retest the August low at $0.6820.