Cardano's Price Stalls as Momentum Fades
Cardano's momentum has stalled after a sharp 4% intraday drop, with its price currently trading at $0.24.
The cryptocurrency had surged over 11% in the prior week, but the recent decline suggests that buyers are now hesitant to step in and drive prices higher.
On the macro level, Bitcoin has slipped back toward $83,100-$83,200 due to geopolitical noise around Iran, which is adding pressure on altcoins like Cardano.
The technical picture also supports this bearish view, with momentum indicators such as the MACD histogram and RSI indicating a stalled bull run.
However, the moving average structure remains bullish, with Cardano trading above every major SMA. The problem is that the price is sitting right at the 7-day SMA, which has now flipped from support to a decision line.