Cardano Is Falling Despite Network Development
Cardano (ADA) is down 5.0% this week to $0.9303, underperforming the broader crypto market, where Bitcoin (BTC) fell 1.9% to $102,534. The entire market faced sell-off pressure after U.S. President Donald Trump threatened Colombia with tariffs over its initial refusal to accept deported citizens. The decline was further fueled by concerns over China’s DeepSeek R1 chatbot, which rattled the generative AI industry.
While stocks of AI developers are now recovering, and the crypto market is showing signs of a rebound, Cardano remains weak after falling below the key $1.0000 support level. Despite ongoing network development, including the Plomin hard fork scheduled for Wednesday, these factors are unlikely to reverse ADA’s downtrend in the short term.
If broader market sentiment doesn’t improve, Cardano could continue declining toward the $0.8000 support level.
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