The Cardano price continued its strong downward trend, reaching its lowest level since October 2023, making it one of the crypto industry’s top laggards. Cardano price dropped to a crucial support level this week. The coin has become highly oversold, with the RSI moving to 28.
Cardano (ADA), a top layer-1 network, slipped to $0.2640, down over 80% from its December 2024 peak and 91% below its all-time high of $3 in 2021. The weekly timeframe chart shows that ADA token has continued falling in the past few months. It has slumped from a high of $1.3230 in December 2024 to the current $0.2638. The coin has dropped below the 50-week Exponential Moving Average, a sign that bears remain in control.
ADA has become oversold, with the Relative Strength Index at 28, the oversold level. The Stochastic Oscillator has also moved below the oversold line. Therefore, the coin may rebound in the coming days, potentially to the psychological level of $0.50. However, a drop below the current support level at $0.2212 will confirm more downside, potentially to $0.15.
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