Cardano’s price is currently under significant bearish pressure, trading at $0.67, following a breakdown below a key support level. Analysts are warning that if ADA cannot reclaim $0.67 as support, it may face further declines, potentially testing the $0.53 mark.
Key Highlights:
Cardano has dropped below $0.67, increasing the risk of a further drop to $0.53 if it doesn’t find support soon.
ADA is forming lower highs and lower lows, indicating continued bearish momentum.
The $0.67 to $0.80 range is critical for ADA’s recovery. A failure to hold these levels could signal further downside.
Critical Support Levels for ADA
The crypto market downturn has pushed Cardano below the $0.67 level, heightening concerns of a further drop. Analysts such as Ali Martinez suggest that ADA is at a crucial point, as its price structure is showing consistent lower highs and lower lows. If ADA fails to reclaim $0.67, the next key support level lies at $0.53, a potential temporary accumulation zone.
However, if the selling momentum continues, ADA could face deeper corrections. The broader bearish sentiment in the cryptocurrency market is also contributing to ADA’s current weakness, with many altcoins following Bitcoin’s price movements.
What Happens at $0.53?
If Cardano price reaches $0.53, analysts believe buyers may step in to absorb the selling pressure. However, if this level fails to hold, ADA could experience further losses. A recovery above $0.67 would be necessary for ADA to regain bullish momentum and attempt to test the $0.80 range again.
Will ADA See a Rally to $10?
Despite the ongoing market challenges, some analysts remain optimistic about Cardano’s future. They cite strong network activity and growing adoption, particularly through Cardano’s Midnight project, as catalysts for a potential rebound. While ADA is down over 5% in the last 24 hours, there are still predictions of a possible rally to $10, especially if market conditions improve.
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