Cardano Mini Death Cross Confirmed on Hourly Chart

Key Points

1. Cardano (ADA) price dropped 4.9% in 24 hours, trading at $0.8272, with a 23.5% decrease in trading volume.

2. ADA previously surged toward $1, reaching $0.93, but failed to break the $0.95 resistance level due to profit-taking and market cooldown.

3. A mini-death cross on the hourly chart signals short-term bearish momentum, though ADA remains up 10.3% over the past week and 50.8% over the past month.

4. Cardano founder Charles Hoskinson hinted at major network updates in August, which could renew investor confidence and drive price recovery.

5. Despite recent declines, ADA may be consolidating before a potential upward move, depending on market conditions and upcoming developments.