Cardano's ADA Falls 10% to 0.47, Eyes Potential Rebound

Cardano's ADA token has declined about 10 percent over the past week, trading around 0.47 as it tests key technical support levels amid ongoing selling pressure from large holders. The cryptocurrency, which broke below the psychologically significant 0.50 mark, shows early signs of stabilization within a falling wedge pattern, potentially setting the stage for a short-term rebound if buyers maintain their defense.

The price drop follows a broader corrective trend, with ADA posting lower highs and lows since mid-November. It has moved sideways in a narrowing range, reflecting weak but stable momentum. On November 19, net outflows from spot exchanges reached 1.80 million ADA, indicating traders are withdrawing tokens for long-term storage rather than selling aggressively. However, this reduced supply has not yet translated into price support, as demand remains subdued.

Technical indicators point to a possible shift in momentum. A bullish divergence has emerged between ADA's price, which continues to form lower lows, and the Relative Strength Index, which is rising. This suggests fading selling strength. Additionally, a TD Sequential 9 buy signal appeared on the daily chart, a...