Cardano Price Drops as Traders Book Profits and Old Wallets Wake Up
Cardano (ADA) has fallen to around $0.54 after dropping nearly 15% last week. This happened as Bitcoin fell below $100,000 and global market fears grew due to Middle East tensions. When Bitcoin drops, most other cryptocurrencies also feel the pressure — and ADA is no exception.
During this drop, about $17 million in long trades on ADA were wiped out. These are trades where people expected the price to go up, but the fall forced them out. Also, some very old wallets — which had been inactive for a long time — suddenly moved their ADA. This is usually seen as a sign that more people might start selling.
From a technical point of view, ADA went below its important 200-day moving average earlier in June. After that, it dropped around 25% in just 11 days, hitting lows near $0.51 — the lowest price since February. The RSI (Relative Strength Index) is around 26, which shows the coin is oversold. Still, other signs suggest the price might fall more.
If ADA goes below $0.49, it could fall further to $0.45. But if the market turns positive, it might rise again toward $0.60.
Impact:
ADA might fall more if selling continues. But if the crypto market improves or Bitcoin rises again, ADA could also bounce back.