Why is Cardano price declining today?

Cardano (Ada) The price shows weakness on March 11, down 2.5% in the last 24 hours to trade at $ 0.7250. A weak technical setup and some onchain signals suggest that ADA can see a deeper correction in the coming days.

Let’s see why the underperforming of the ADA price is now.

Ada collapses beside Bitcoin and Ether

The bearish sentiment is not only exclusive to Cardano because crypto prices also fall across the board, along with Bitcoin drops up to $ 76,000 on March 10.

Key Takeaways:

• Leader of the Bitcoin Market (Btc) has dropped more than 3.6% and 17% in the last week and month, respectively, setting a new four months low around $ 76,600 on March 10.

• BTC prices are from recovered above $ 81,000 But it still drops 1.3% in the last 24 hours.

• Ether (Eth) also dropped 8.6% in the last 24 hours to trade below $ 2,000 in the first time from November 2023.

• It dragged altcoins like ADA down even more, with a 41% decline in the last 90 days compared to the 19% BTC decline at the same time.

• The ADA/BTC pair dropped by approximately 20% in the same time frame.

• The volatility of the crypto market is aggravated by Macroeconomic uncertainty.

• Lack of closely positive catalysts, a Potential War of Tariff And the fear of a US backbone adds headwinds to a air -conditioned market.

Due to Onchain Cardano activity

Bearnishness in ADA prices today preceded the reduced network activity and the Total amount that is locked (TVL), which has dropped dramatically last week.

• ADA’s daily trading volume fell 67% from $ 21 million from March 2 to $ 7.3 million on March 10.

• Similarly, this is, Sun -Suns Active Addresses reduced by 59% from approximately 70,700 to 28,900 at the same time.

• Cardano’s TVL fell from $ 701.4 million on December 3, 2024, to reach a four -month -old to $ 268 million on Feb. 28.

• This scale has dropped 25% again in the last seven days.

Buyer fatigue prevents ADA price

Data from Cointelegraph Markets Pro and Tradingview The ADA rally was shown on March 2 that pushed the Kamag -child of strength index (RSI) above 70 to many timeframes, indicating “overbought” conditions.

• On March 2, the RSI of ADA reached as high as 90, 84 and 73 at four hours, 12-hour and daily hours, respectively.

• An excessive thinking RSI Indicates that the rally is likely to be extremely hot, and the consumers are exhausted.

• As such, merchants can take it as a signal to sell and lock the income, which is at the forefront of the price to combine the sideways or fall.

• In Ada’s case, the price has been declining since then, recorded lower highs and lower lows, as shown in the chart above.

• Thus, the downward target for the short term was between March 11 intra-day low around $ 0.6472 and the range of less than $ 0.5794 reached in Feb. 28.

Related: Price assessment 3/10: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI

• The second place of interest lies between February 3 at less than $ 0.5569 and the range of lower than $ 0.5197 reached on November 13.

• This demand zone can provide a good entry position for the final investors.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.