Across the market, double-digit percentage losses were recorded as Bitcoin faced selling pressure that caused a drop from $41,000 to $33,000 at the time of writing. Cardano formed a double-top pattern that could see it test the $0.23 level of support soon, while Crypto.com Coin was likely to retest the $0.07 region as resistance before another move downward. Cosmos defended the $5.4 region as buyers stepped in to drive ATOM toward $6.
The MACD dived to highlight recent bearish pressure as ADA formed a double top at $0.336, just above the $0.32.
This double-top had its valley at $0.282 and broke beneath the floor of this pattern. A projected target for ADA based on the height of the peaks is $0.23, which is a level of support for ADA.
A retest of the $0.28 valley followed by a move toward $0.23 is likely for ADA.
In other news, Cardano became the highest staking network with 69% of its circulating supply staked.