Cardano Price Crashes Below 5-Year Support Amid Global Crypto Market Turmoil

The Cardano cryptocurrency price has experienced a significant decline, reaching a five-year low of $0.189 due to intense selling pressure in the global crypto market.

This downturn is attributed to various factors, including Bitcoin's correction from $74,000 to $61,310, institutional sell-offs, and cascading liquidations of leveraged long positions.

As a result, the ADA coin has lost its five-year-long support level, causing concerns among investors. The total value locked (TVL) in Cardano has also dropped significantly, with participants moving their investments to faster Layer-2 and Layer-1 options.