Cardano suffered its steepest one-day drop since June on Oct. 8, falling 10.13% and pulling its market cap down to $8.5071 billion. The sell-off followed a rejection at the upper boundary of a months-long ascending channel, with one analyst pointing to $0.21 as the next level to watch. The decline came as Cardano's bid for a dedicated internet domain advanced through ICANN review.
Cardano's sharpest drop since June
Cardano fell 10.13% to $0.2302 by 12:07 p.m. GMT on Oct. 8, its largest one-day percentage loss since June 5. The move pushed Cardano's market cap down to $8.5071 billion, or 0.31% of the total cryptocurrency market cap, versus an all-time high of $94.8001 billion. ADA traded between $0.2302 and $0.2580 over the prior 24 hours, and it has lost 6.13% over the past seven days on volume of $655.1277 million. The token remains 92.57% below its all-time high of $3.10, set on September 2, 2021.
Bitcoin and Ethereum also traded lower in the same session. Bitcoin was last at $80,942.0, down 2.93%. Ethereum traded at $2,423.16, a loss of 5.74%.
ADA rejected at the top of its ascending channel
On the daily chart, ADA traded near $0.232 on Oct. 8, roughly 17% below its recent $0.28 peak, after rejection at the upper boundary of an ascending parallel channel stretching back to June. The daily RSI fell to 46.02, below its 61.29 moving average, while the MACD histogram turned negative as the MACD line slipped beneath its signal line.
Crypto analyst Ali Martinez flagged the rejection in an Oct. 8 post, saying: According to Ali Charts: "price could move toward the channel's lower boundary near $0.21" if the rejection holds. That projection sits about 9.4% below the $0.2318 daily chart reading. Nearer support sits around the session low near $0.2288. A recovery above $0.24 would put ADA back toward resistance near $0.25–$0.26.
Domain bid advances during the pullback
The Cardano Foundation said its .ada application advanced to the next phase of ICANN's New Generic Top-Level Domain Program on Oct. 8, a move backed by approximately 75% of community support in an earlier governance vote. Separately, a September prospectus supplement for the T. Rowe Price Active Crypto ETF listed ADA among its eligible assets.
Sources: Cryptocurrency News, crypto.news
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