Cardano Seeks Rebound at Critical Support Level

Cardano's downward trend continues as it failed to hold the $0.194 level and has now lost support. The cryptocurrency is looking towards $0.181, which could potentially trigger a short-term rebound if sellers fail to break below it.

The recent price action has seen Cardano underperform other major cryptocurrencies, including Bitcoin and Ethereum. This relative weakness raises concerns for ADA's downside risk.

On-chain metrics show some improvement in spot DeFi activity, with weekly DEX volume increasing by 25.54% to $16.54 million. However, the broader picture remains mixed, with a decline in TVL over the past 24 hours.

The upcoming U.S. CPI data on August 12 is expected to bring increased volatility to Cardano's price action.