Cardano's Ada Token has fallen 3% in the last 24 hours and is currently trading at $0.87 after the tokens swell overnight in volatile sessions of over 10%.
Price Action follows Friday night's AMA (Ask Me Ankthing), Cardano co-founder Charles Hoskinson, expressing long-term optimism about Cardano's outlook, pointing to the upcoming midnight network.
He pointed out that he is taking Bitcoin. BTC$112,286.80 It can expand use cases and investors' appeal to the Cardano ecosystem.
Hoskinson also discussed market macro events and catalysts during his AMA. He said he hopes that two potential catalysts will form a crypto market in the coming months. It could be cut by the Federal Reserve in September and could be a clarity law for the digital asset market.
ADA price action
Overnight Sunday through Monday through Monday, the ADA began trading nearly $0.901 before making its top $0.963 with a single spike, with 333.4 million tokens being exchanged at the rally. However, the momentum turned back.
The ADA fell nearly 10% to its session low of $0.862 before it stabilized at its current level. Support appeared at about $0.856, the level of buyers intervened in above average volume, data show.
ADA volatility spiked to 10.48% in sessions, reflecting changes in market sentiment and increased sensitivity to macroeconomic cues. The move coincided with the wider market as Bitcoin prices fell sharply on Sunday after the big whales dumped their digital assets. The broader market gauge, the Coindesk 20 Index, also fell by more than 3%.
The ADA is still up 125% from a year ago, but tokens are down more than 70% from the all-time high of $2.90, reaching August 2021.
But for now, ADA and the wider crypto markets could remain bound by scope as institutional investors and retailers alike see how regulators and central banks shape the next phase of the crypto cycle.
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