Cardano is facing renewed selling pressure after a sharp move lower sent ADA down roughly 10% in the past day, dragging the price under the $0.45 region and back toward levels last seen in early autumn.
The drop mirrors a wider cooldown across the crypto market, which reacted negatively to the Federal Reserve’s rate cut and the cautious tone that followed.
Key Takeaways
- ADA dropped around 10% and is testing key support near $0.43 after broader market weakness.
- A recovery would require reclaiming the $0.438–$0.440 zone, but momentum remains bearish.
- Midnight’s NIGHT token collapsed over 80% as airdrop sellers flooded the market.
ADA briefly touched the lower end of the $0.47 area before sliding into a key support band around $0.43. Bulls managed to trigger a small rebound from that zone, but so far the reaction has lacked conviction. Momentum indicators remain soft, and buyers would need to force the price back above the $0.438–$0.440 pocket to signal that the sell-off is losing steam. Until then, bears continue to dominate short-term sentiment.
If this support cluster holds firm, ADA could attempt a slow recovery stretching over the next several weeks. But if the floor gives way, the broader market’s weakness suggests traders may brace for additional downside.
Midnight’s NIGHT Token Suffers Steep Collapse After Airdrop Selling
Cardano’s ecosystem token NIGHT, tied to the new Midnight privacy-focused network, has become one of the worst performers of the week. After launching with a speculative surge that pushed prices as high as $150, the token has since vaporized nearly all of that value and now trades near $0.05 — an 80% plunge in a matter of days, including a fresh 6% drop in the last 24 hours.
The dramatic reversal was driven largely by a heavy wave of selling from airdrop recipients. Many holders who received NIGHT at launch opted to claim quick profits, creating constant sell-side pressure that overwhelmed buyers.
Charles Hoskinson had touted Midnight as one of Cardano’s strongest network rollouts, highlighting its scalability and asset-handling capacity. But the token’s extreme volatility shows the challenge of managing speculative frenzy inside newly launched ecosystems, even when the underlying technology is sound.
Sentiment Turns Bearish as Short Positions Climb
Market data reveals that 54% of active ADA derivatives positions are now short — a sizeable tilt toward bearish positioning. The long-short ratio showed a sharp spike in short exposure over the past day, reflecting the expectation among traders that ADA may continue sliding unless buyers intervene at current support.
Cardano now sits at a crossroads: either defend the $0.43 zone and stabilize, or risk a deeper correction as momentum traders pile onto the downside.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/cardano-price-update-ada-drops-10-as-night-token-disappoints/
