Cardano’s native token ADA fell sharply on Wednesday, falling more than 3% to 64 cents as it broke through a critical support level and confirmed a change in market sentiment, according to data from CoinDesk Analytics.
The outage began on Tuesday, when trading volume soared 67% above its 24-hour average. Nearly 183 million tokens changed hands as ADA fell below 64.5 cents, triggering selling and triggering a move toward lower support zones.
The move reflects growing uncertainty in altcoin markets as institutional flows have turned negative. According to CoinShares, ADA saw $300,000 in outflows this week, following $3.7 million in inflows the week before. Analysts point to delays in approving crypto ETFs and broader risk-averse behavior as main reasons for altcoins’ rotation toward more stable assets.
Technical indicators now show strong resistance at 65.50 cents, with ADA’s recent lower highs from the 67.19 cents high reinforcing a downtrend. Unless buyers reclaim this resistance, analysts say the token could retest the 64 cent level, with further decline possible.
The broader crypto market has also stumbled. CoinDesk’s CD5 Index fell 2% in the past 24 hours, highlighting continued pressure on digital assets heading into the final months of the year.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
