Cardano Price Slips Below $0.24 As Momentum Weakens

Cardano ($ADA) traded near $0.236 on Binance, down about 9.2% from its weekly opening price, according to CryptoNews data. The token slipped below the $0.2483 Bollinger midpoint while daily relative strength index readings dropped to 48.06.

The recent decline follows a sharp reversal from a weekly high of $0.2824 and a weekly low of $0.2238. Measured from the weekly peak, Cardano has lost approximately 16.5%, while its bounce from the weekly low reached about 5.4%, leaving the recovery short of the preceding drop.

Ascending Channel Rejection Puts $0.21 in Focus

Analyst Ali Martinez identified a rejection at the upper boundary of an ascending channel on Cardano's daily chart, placing the lower boundary near $0.21. A decline from the current price to $0.21 would amount to roughly an 11% drop, with the recent weekly low at $0.2238 serving as an intermediate reference level.

Jesse Olson also pointed to weakening daily momentum, noting that bearish divergence and a trend-dot sell signal preceded recent downward targets being reached. Meanwhile, the weekly Supertrend indicator remained red at $0.2762, sitting above the asset's current trading range.

Key facts

• Cardano traded at $0.2359 on Oct. 9, down approximately 9.2% from its weekly opening price.
• The daily relative strength index fell to 48.06, sitting below the neutral 50 level.
• Analyst Ali Martinez highlighted $0.21 as a downside level following an ascending-channel rejection.
• The weekly Supertrend resistance stood at $0.2762, with the weekly high reaching $0.2824.