Cardano (ADA) price displays weakness on March 11, down 2.5% over the last 24 hours to trade at $0.7250. A weakening technical setup and several onchain signals suggest that ADA could see a deeper correction in the coming days.
ADA/USD daily chart. Source: Cointelegraph/TradingView
Let’s take a closer look at why ADA price is underperforming today.
ADA falls alongside Bitcoin and Ether
The bearish sentiment was not only exclusive to Cardano as crypto prices also plummeted across the board, with Bitcoin dropping toward $76,000 on March 10.
Key takeaways:
Market leader Bitcoin (BTC) has shed over 3.6% and 17% over the last week and month, respectively, setting a new four-month low of around $76,600 on March 10.
BTC price has since recovered above $81,000 but is still down 1.3% over the last