- ADA dropped 5.75% over the week, closing at $0.8603 after a daily 3% decline.
- Price action formed a descending channel with a Sunday false breakout above resistance.
- Technical analysis shows a breakout target near $1.20 if momentum sustains.
Cardano, a decentralized blockchain platform that supports decentralized applications (dApps) and smart contracts has recorded a notable market action in the last 7 days. Through it native token, ADA, the prices has been in a range of higher and lower lows that has led to a weekly price drop of 5.75%.
What is the Current Market Action?
At the time of writing this article, CoinMarketCap data reveals that Cardano’s ADA is trading at $0.8603 after a daily decline of 3%. The chart shows ADA opening near $0.8929 before experiencing an upward movement that peaked above $0.95. After the sharp rise, the price retraced and entered a volatile phase with repeated fluctuations marking a false beakout on Sunday. Following this period, the token began a gradual downward trend, breaking below $0.90.
Source: CoinMarketCapIn the final hours during the observation period, ADA continued falling, reaching $0.858, its lowest level within the day’s range. Trading volume surged to $2.71 billion over 24 hours, marking a 153.1 percent increase. Despite the higher trading activity, the overall trajectory remained negative. The coin’s market capitalization stood at $30.73 billion, down 3.31% during the period, reflecting the broader downward pressure on ADA’s price .
Cardano Price Pattern Points to Breakout Potential
According to an observation by Ssebi, Cardano’s ADA shows the token retesting an important boundary following a recent failed breakout attempt. The market structure forms a large descending channel where repeated lower highs and lows have dominated trading activity in recent sessions. The latest movement comes after a Sunday fakeout that briefly pushed the price above the upper channel limit.
Source: XFollowing that event, ADA returned inside t he structure but has now revisited the same boundary again. This retest has brought renewed attention to the channel’s upper resistance, which has held firmly through multiple attempts. Trading activity has increased during the most recent breakout trial, with volume levels exceeding those recorded in previous sessions. This expansion in volume marks a change from the lighter activity observed earlier within the channel.
Meanwhile, the Relative Strength Index remains near its midpoint, staying close to the neutral reading of 50. The indicator shows neither overbought nor oversold conditions during the latest move. Technical measurements based on the flagged structure outline a potential target near $1.20 if momentum extends beyond the resistance. The breakout level continues to attract market attention.
