TLDR
- Cardano (ADA) broke below ascending trendline support, signaling potential deeper correction ahead
- Dormant wallet activity has increased, creating fresh selling pressure on exchanges
- Technical indicators show bearish momentum with RSI at 40 and MACD crossover confirming downtrend
- ADA currently trading around $0.81, down 6.1% after breaking $0.84 support level
- Next key support target sits at $0.76, representing 50% retracement from recent lows to highs
Cardano price has entered correction territory after breaking below a key ascending trendline on Monday. The cryptocurrency now trades at $0.81, extending losses from the $0.84 support level.
The technical breakdown comes as on-chain data reveals increased activity from dormant wallets. These long-inactive addresses are moving tokens to exchanges, creating fresh selling pressure.
Santiment’s Age Consumed index shows recent spikes that…
