On January 13, Cardano (ADA) experienced a significant price drop of 7%, trading at $0.930 amid a bearish sentiment prevalent across the cryptocurrency market. This decline coincided with a broader sell-off in risk assets, influenced by expectations of a more hawkish stance from the US Federal Reserve, resulting in other major cryptocurrencies like Bitcoin and Ether also facing losses. Additionally, onchain metrics indicated a reduction in investor interest, with ADA's daily DEX trading volume plunging from $31.3 million to $4.9 million, coupled with a 70% decrease in daily active addresses. This downturn is further underscored by a bearish technical pattern known as a bear flag, suggesting a potential further drop in ADA’s price, with projections estimating a target at $0.726 based on past downtrends. Overall, economic sentiment, weak onchain activity, and bearish technical indicators contribute to the ongoing struggle of Cardano's price.

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