ADA Drops Below Support as Institutions Pull Back From Altcoins
Cardano’s ADA extended its decline on Wednesday, sliding 3% to $0.64 as selling pressure intensified and institutional investors trimmed their exposure to riskier digital assets.
The move marked a clean break below the $0.645 support zone, confirming a short-term bearish shift, according to CoinDesk Analytics. Trading activity jumped sharply, with volume up 67% from the daily average as nearly 183 million ADA changed hands.
Data from CoinShares showed $300,000 in weekly outflows from ADA investment products, erasing part of the $3.7 million inflows recorded the week before. Analysts said the reversal reflected waning appetite for altcoins amid delays in ETF approvals and renewed risk aversion across the crypto market.
Technically, ADA now faces immediate resistance near $0.655, with its pattern of lower highs from $0.6719 reinforcing a downtrend. Unless buyers reclaim that level, analysts warn the token could retest $0.64 support, or even dip lower if broader market sentiment remains weak.
Meanwhile, the CoinDesk CD5 Index—tracking major digital assets—fell 2% over the past 24 hours, underscoring continued selling pressure as traders move to the sidelines ahead of November.
