The price of Cardano (ADA) has faced significant volatility over the past 24 hours. On the hourly chart, ADA has formed a mini-death cross, further confirming bearish momentum.

Cardano faces rejection

For context, a mini-death cross is formed when a short-term moving average crosses below a longer-term one. It usually occurs on shorter time frames and escalates bearish sentiment.

A mini-death cross is less significant than a full-scale death cross on larger time frames. Still, it frequently serves as a momentum killer during local rallies.

Cardano has witnessed a notable rally in recent weeks, with the price currently up 10.3% over the past seven days. Over the past month, the ADA price has jumped 50.8%, according to CoinMarketCap data.

Notably, the bullish momentum of the past few weeks may fade if ADA registers the mini-death cross in the upcoming sessions.

As of press time, the Cardano price is down 4.9% over the past 24 hours, currently trading at $0.8272. Investor interest in ADA has also waned, as indicated by the decreasing trading volume. This metric decreased by 23.5% to $1.72 billion within the same time frame.

Can Cardano price hit $1 this cycle?

On Monday, ADA edged toward the $1 milestone during a spectacular rise. Specifically, the ADA price reached a high of $0.93, a level not seen since March 2025.

Many viewed the movement as the start of a long-awaited recovery rally. Some noted that ADA could rally above $1 after months of consolidation and underperformance. 

However, ADA failed to break through the critical resistance level near $0.95, despite the positive trend. Profit-taking combined with a market-wide cooldown contributed to this setback.

Technical indicators also showed signs of overbought conditions. This may have triggered short-term caution among traders.

Nevertheless, hope is not lost for ADA. The altcoin may be experiencing consolidation before moving to the next level.

Moreover, Cardano founder Charles Hoskinson recently hinted at major updates for the network in August. The release of new improvements on the network could raise investor confidence and, subsequently, the ADA price.