Cardano (ADA) has faced significant downward pressure, with the price of this coin dropping more than 15% in the past 48 hours. This altcoin has failed to maintain the $1 support level and has fallen below this critical threshold.

This price decline has triggered a strong wave of sell-offs in the investment community, increasing bearish sentiment in the market.

ADA investors begin to sell off

The actual profit of ADA has surged in the past 24 hours, reaching a 9-month high of 307 million ADA. This spike, worth approximately $276 million, highlights the strong intensity of the sell-off activity. This wave of selling coincides with ADA's price decline, reflecting growing skepticism among investors about this altcoin's short-term recovery prospects.

This sentiment indicates that many investors holding ADA have chosen to protect their profits as the price fell below $1. The increase in sell-offs reflects a lack of confidence in ADA's ability to recover quickly, adding further pressure to the coin's downward trend.

Actual profit chart of ADA | Source: Santiment

The macro momentum of ADA is also showing signs of weakening, as the MACD indicator is about to form a bearish crossover. Less than a week ago, ADA recorded a bullish crossover; however, the shift to the current bearish trend indicates the impact of broader market signals on the cryptocurrency. This suggests that Cardano may face increased downward pressure in the coming days.

ADA MACD chart | Source: TradingView

ADA price prediction

Currently, ADA's price is at $0.89, reflecting a decline of over 15% in the past 48 hours. The loss of the $1 support level has led this altcoin to continue facing selling pressure, with the next support level at $0.85. If the price drops to this level, a consolidation phase may occur between $0.85 and $1, similar to previous corrections.

If it can stabilize at $0.85, this coin may enter a consolidation phase, helping to limit losses while the market undergoes a correction. This consolidation phase could help the altcoin accumulate momentum for potential recovery.

ADA 1-day price chart | Source: TradingView

Regaining the $1 support level will be a significant milestone for ADA as it could invalidate the current bearish outlook, allowing the altcoin to recover its recent losses. A successful recovery could push ADA's price up to $1.23, thereby restoring investor confidence and promoting subsequent accumulation.

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