Cardano Price Tumbles Amid Dijkstra Upgrade Uncertainty

Cardano's price has been experiencing a decline, falling by about 1% to $0.174 over the past 24 hours. This drop comes as traders weigh the potential benefits of the upcoming Dijkstra upgrade against a bearish chart structure and nearby liquidation risks.

The 4-hour chart shows that Cardano's price has broken below an ascending channel, which had guided its recovery from approximately $0.153 in late July. The token initially climbed along the channel to $0.20 before sellers regained control, leading to a series of lower highs and lower lows.

Analysts at AltCryptoGems pointed out that Cardano's decline follows a bearish break in market structure, with heavy capital rotation across the altcoin market contributing to short-lived rallies.