• Cardano’s price is still dropping, leading to speculation about whether it will hit the $0.40 support level.
• Interestingly, despite the price dip, the daily trading volume for this altcoin saw a slight uptick of 2.07%, according to CMC data.

The crypto market has taken a bit of a step back in the last 24 hours, retracing to previous support levels after a short-lived recovery. Meanwhile, in the US, the regulatory scene is heating up with a significant announcement on the horizon. The final vote to confirm SEC nominee Paul Atkins is getting closer. Adding to the global uncertainty, the economic outlook remains uneasy as tariff tensions continue to rise.

Within the cryptocurrency world, Bitcoin is currently trading slightly below its recent $77,000 high from November 2024. This minor pullback is also affecting the altcoin market. Cardano, a prominent altcoin, is particularly feeling the pressure, with expectations of further declines following Monday’s significant price drop.

Over the past day, ADA has experienced a modest price decrease of 7.25%. Looking back to the afternoon of April 8th, the altcoin was trading at a peak of $0.6058. However, as bearish signals emerged, the price started to fall to its present levels. As of now, Cardano is trading at $0.5556, based on CoinMarketCap data.

On Monday, April 7th, Cardano saw a sharp drop to the $0.52 mark, reaching its lowest point since November, similar to Bitcoin. Reflecting these recent declines and the broader bearish trend, Cardano’s weekly price performance is down by 17.16%.

Will Cardano Slide to the $0.40 Support Level Soon?

Analyzing recent price action, Cardano’s movements are predictably following a descending channel pattern. This pattern is often a strong indicator of bearish dominance in price trends, typically suggesting further price drops are on the way. Technical indicators for ADA also seem to support this outlook.

According to TradingView data, Cardano’s bull power value is currently at 0.76. Conversely, its bear power value is significantly higher at -10.65, further emphasizing the bearish trend. Adding to this picture, Cardano’s RSI value is notably low at 33.15, which points to a negative sentiment in the market.

If sellers continue to maintain control, we could anticipate the token potentially dropping to the $0.40 support level. In contrast, some other altcoins, like Story (IP), have shown some positive price movement over the last 24 hours.

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