The top 10 cryptocurrencies that have fallen by 25% since the beginning of the year

On January 11, the Cardano cryptocurrency set a new low and has been falling at an accelerated pace ever since. According to analysts, ADA is approaching a long-term horizontal support area that has previously resisted the price.

The weekly timeframe shows that the price of ADA has been rising rapidly since September 2023. The growth culminated in a new yearly high of $ 0.68 in December.

This seemed to lead to a bullish breakout above a long-term horizontal resistance area, but the price was unable to sustain the rise. Instead, it formed several long upper wicks (red icons), which are considered signs of pressure from sellers. In early 2024, the token plummeted.

The weekly Relative Strength Index (RSI) is giving bearish signals. The indicator has fallen below 70 and is in a downtrend, approaching the 50 barrier. Analyst Chris O, based on Elliott Wave Theory, suggests that ADA is in the first phase of a sell-off in this bullish cycle.

It is worth noting that the blockchain and native Cardano token holds the lead in cryptocurrency development, outperforming other major digital assets, including bitcoin and ethereum. This is evidenced by data from the analytical company Santiment.