Cardano’s ADA plunged by double digits in the past seven days, mirroring a broader crypto market rout. On Friday morning, ADA nosedived to around $0.22, the lowest level since June 2023. The asset briefly breached the $0.249 support before bulls regained ground, and ADA is trading near $0.26.
Analyst Ali Martinez outlined three key support levels where the asset could find buyers if selling continues: $0.249, $0.115, and $0.053. There was a brief breakdown below the $0.249 support level, but bulls regained ground, leaving ADA around $0.26.
The RSI has fallen to around 28 on the CryptoWaves scale, matching the lowest mark witnessed in 2019. ADA’s exchange netflow shows outflows have dominated inflows in recent weeks, suggesting investors are moving holdings from centralized platforms to self-custody. Cardano’s founder, Charles Hoskinson, reported losing over $3 billion due to the market decline and cautioned that prices may continue plunging, urging investors to stay resilient and purposeful in the space.
Investors will monitor the $0.249 line for early demand signals and the deeper targets at $0.115 and $0.053. Until a sustained rebound develops, risk remains elevated for ADA and the broader market, underscoring the fragility of near-term momentum.
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