The price of %Cardano (CRYPTO: $ADA) continues to slump despite a rebound in the broader cryptocurrency market.
Cardano is currently trading at $0.45 U.S. per digital token, down 28% on the year.
The decline runs counter to a 44% year-to-date increase in the price of %Bitcoin (CRYPTO: $BTC) and a 30% gain in the price of %Ethereum (CRYPTO: $ETH).
While crypto analysts say that ADA is consolidating and likely to move higher in coming months, some investors appear worried and have begun to sell, exerting downward price pressure.
Market data shows that the number of investors holding Cardano in their crypto wallets has declined from a peak of 71,270 in early March to about 25,000 at the end of April.
The price of Cardano peaked at $0.80 U.S. on March 14, the same day that Bitcoin’s price hit an all-time high of just under $74,000 U.S.
Since then, Cardano’s price has steadily declined and has not snapped back over the past week along with other cryptocurrencies.
Analysts and investors are now looking for Cardano to find support at $0.45 U.S. before starting to rally higher. Any breakdown below current levels could be bad news for investors.
Analysts say that a drop in Cardano’s price below $0.40 U.S. would signal a continued major downtrend for the digital token.
Cardano is a public blockchain platform that facilitates peer-to-peer financial transactions with its ADA cryptocurrency.