Cardano (ADA) Price Drops Below $0.82
Cardano (ADA) is trading below $0.82 as of Wednesday. The price fell nearly 6% the day before. On-chain data and derivatives markets show growing bearish sentiment. Technical indicators suggest ADA might face a deeper drop soon.
On-Chain and Derivatives Data Show Bearish Signals
- CryptoQuant’s Spot Taker CVD for Cardano is negative and has been rising since mid-July.
- This metric tracks the difference between buy and sell volumes over three months.
- A negative CVD means sellers dominate the market, as is the case now.
- CoinGlass reports ADA’s long-to-short ratio at 0.89, near its monthly high.
- A ratio below one shows more traders expect the price to fall.
Technical Indicators Point to Further Weakness
Cardano failed to hold support at $0.84 on Tuesday. It closed below the 61.8% Fibonacci level at $0.82. On Wednesday, ADA trades around $0.81.
If the price keeps falling, it could reach the 200-day EMA near $0.76. The daily Relative Strength Index (RSI) is 45, below the neutral 50, showing bearish momentum. The MACD lines are close to a bearish crossover, which would confirm the downtrend.
However, if ADA recovers and closes above $0.84, it may rise toward the $1 level.
