Cardano (ADA) Slumps Following Market Sell-Off: What’s Next for 2024?

• ADA’s value has dropped by over 10% in the last week.
• Coin accumulation has lost momentum on the daily chart.
• Investors have preferred to remove liquidity from the ADA market.

Cardano (ADA) has trended downward since the year began, shedding 11% of its value in the last seven days, according to data from CoinMarketCap.

Due to low price action, daily trading volume has also plummeted significantly. Data from Santiment showed that ADA’s daily trading volume has fallen by 52% in the last week. For context, on December 29, the coin’s trading volume totaled $1.24 billion. Whereas, as of January 4, it closed the day with a trading volume of $591 million.

Cardano Trading Volume (Source: Santiment)

Sell-off Activity Rallies

The decline in ADA’s price in the last week is due to the decline in accumulation amid a rise in coin sell-off. An assessment of its price movement on a daily chart showed that market participants have favored coin distribution since the beginning of the year.

ADA/USD 24-Hour Chart (Source: TradingView)

For example, readings from ADA’s Parabolic SAR (Stop and Reverse) indicator showed the dotted lines that make up t…

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