Cardano's ADA has fallen to a multi-week low even as co-founder Charles Hoskinson teases a major update for the Midnight network. Selling pressure has persisted for a week, and the $0.20 support level is now in focus.
Cardano's ADA closed at its lowest price since September 19 as geopolitical tensions rattled the crypto market. The drop came despite Hoskinson hinting at an unprecedented update to Midnight, Cardano's partner chain.
However, the NIGHT token remains up 103% over the last month, according to CoinGape.
Hoskinson calls Midnight concept his career's peak
In a post on X, Hoskinson said he was working on a concept that only Midnight can bring to the industry. Hoskinson said: "Almost have all of it designed conceptually. It's the magnum opus of my career", according to CoinGape.
Asked whether Cardano is complete, he said the network will have every feature he wants once the Leios upgrade goes live. Leios is expected in Q4 2026 and aims to boost network speed by up to 65 times.
Sellers outpace buyers for seven days
CoinGlass data shows Taker Sell volumes exceeded Taker Buy volumes for seven straight days since October 11. As a result, ADA fell 12.8% from $0.256 to $0.223 at the time of writing.
Futures traders are also cutting exposure. Cardano's open interest dropped to $484.17 million on October 17, the lowest reading since September 18. On Binance, open interest fell from $136.89 million on October 6 to $88.69 million, which suggests traders there closed positions.
Still, a positive weighted funding rate and a long/short ratio of 1.00 suggest short sellers have yet to flood the market.
Chart points to $0.17 if $0.20 support fails
On the one-day chart, ADA has moved below support at the 78.6% Fib level of $0.23. A close below that level could trigger a decline toward psychological support at $0.20.
The RSI is making lower lows, which may push ADA to the 161.8% retracement level of $0.17. On the upside, ADA needs to close above resistance at $0.24 to confirm a trend reversal.
Source: CoinGape
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