Cardano’s $ADA Tumbles Harder Than Market Leaders – What’s Really Going On?

Cardano’s $ADA is today performing the worst among the 15 biggest cryptocurrencies by market capitalization.

In the last 24 hours, $ADA has shed 4% of its value. At its current price of $0.3162, $ADA is now about 10% lower than it was this time last week.

This makes for some of the stiffest intra-week losses posted by a market-leading layer 1.

The only top layer 1 coin that depreciated more over the seven days was The Open Network’s Toncoin ($TON), which shed 12% to trade at $4.79 as of this writing.

Why Cardano’s $ADA And Other Leading Layer 1s Are Down Today

Broadly speaking, all cryptocurrencies are following the fluctuations of the trillion-cap market leader Bitcoin ($BTC) . Bitcoin shed 3% overnight and about 6% over the week to trade at $54,875 at the time of writing.

$BTC’s number one contender, Ethereum ($ETH) , lost 2% overnight and 6% over the week to hit $2,336 at the start of the weekend UTC.

This week, Cardano completed the “Chang” upgrade , which enables $ADA token holders to vote on network development proposals, thus democratizing and decentralizing it.

The news has not stopped $ADA’s general downward trend.

The token is currently trading at a recent support level (green line), with resistance (red line) stiffening from $0.45 to $0.40 over the course of the summer.

Source: TradingView

$ADA’s falling relative strength index of 39 is 9 points from being oversold. This indicates the weekend could see the start of some dip buying.