Cardano’s slide to near $0.24 on Friday has injected fresh investor concern, with the token underperforming alongside sharp pullbacks in Bitcoin and Ethereum. The move, which has seen the ADA price down 4% in the past 24 hours and 9% this past week, has revived fears that the bear phase may yet have another leg down. For bulls, the question is whether ADA faces a deeper retreat toward long-term support. Cardano slides amid broad market weakness ADA’s drop to $0.24 coincides with renewed selling pressure across the crypto market. Friday saw the benchmark assets, Bitcoin, break lower, with BTC retreating toward $66,500 and Ethereum under $1,990. Other cryptocurrencies also slipped, with XRP to $1.32, Solana to $83, and BNB to $610. The move for the top coins cascaded across the rest of the market, with Cardano’s losses pushing it to support levels seen earlier in the week. Notably, the declines are a part of the wider de‑risking that also sees stocks trade sideways or lower. Could ADA dip further? Heightened geopolitical tensions compound the technical headwinds for the Cardano price. As investors hedge against potential downward momentum, the unwinding is hurting sentiment. However, analysts at Santiment say the growing negative crowd chatter signals a possible upside flip. The short-term technical perspective, however, has ADA probing the support zone amid a death cross pattern on the weekly chart. Sellers are showing strength near an area that has repeatedly acted as a year‑to‑date floor, which could be at risk. Cardano chart by TradingView Notably, each prior revisit of this area has attracted dip buyers and short‑covering. This has allowed prices to stabilize and stage modest rebounds. However, prevailing sentiment is negative. Recently, Santiment highlighted that nearly 50% of ADA holders are underwater after a 75% fall from its local peek in 2025. These kinds of losses and the broader pessimism could hinder any sustained bullish response, and things could get worse if $0.25 caves in amid further macroeconomic and geopolitical shocks. An extended breakdown below $0.25 would be technically significant and could open the door to a sharper decline toward $0.20 - a price level last seen in 2020. Such a move would nonetheless likely flush out late‑cycle holders and put bulls on the path to a medium‑term uptick and consolidation. Key Cardano-related news Cardano has witnessed some bullish news this week, and the overall sell-off may taper off as a result. Cardano Foundation has voted for key governance proposals. Meanwhile, Hashdex has expanded its Nasdaq CME Crypto Index ETF, adding ADA to its holdings. Cardano is now among the 7 cryptocurrencies in the ETF, alongside Bitcoin, Ethereum, XRP, Solana, Chainlink, and Stellar. Also notable is the recent execution of the first atomic swap between Cardano and Bitcoin, with native BTC swapped directly for native ADA. The post Cardano drops to $0.24, is ADA set for a steeper decline? appeared first on Invezz
