Cardano price, currently at $0.67, is under bearish pressure. Some analysts forecast a $10 rally, while others warn of a decline to $0.53 if support fails.
The price of Cardano is presently under downward pressure, and analysts are pointing to significant support levels that may dictate the cryptocurrency’s next move. There is more bearish momentum now that the altcoin has broken below a parallel channel. Analysts predict that ADA may continue to decline and test lower levels unless it regains the $0.67 level as support.
Cardano Price: Will It Drop to $0.53 From Its Critical Support at $0.67?
The Cardano price has dropped below the $0.67 support level due to the crypto market selloff, which raises concerns about potential further declines. With its structure displaying lower and lower highs, cryptocurrency analyst Ali Martinez pointed out that ADA is pivotal. Traders might experience more volatility if the downward trend persists, as ADA might have trouble locating a reliable support area.
The ADA price action indicates that there is still a lot of selling pressure. Analysts caution that if the price doesn’t rise above $0.67, there may be more declines ahead, with $0.53 as the next significant support level. Although this level might be a short-term accumulation zone, a decline below $0.53 is feasible if the selling pressure continues.
The current pattern is consistent with the general state of the market, which is bearish about cryptocurrencies. The crucial ADA recovery range is between $0.67 and $0.80. However, the price of ADA could continue to decline without a significant recovery.
The Bearish Trend Continues
The Cardano price structure suggests that the bullish momentum is waning. Crypto analysts have observed that selling activity has increased due to ADA’s inability to maintain essential support levels. The recent decline has confirmed a bearish pattern, indicating that ADA might struggle to recover its upward momentum.
Technical resistance is another issue the cryptocurrency is dealing with, which makes it challenging to recover earlier price levels. If the price of Cardano doesn’t rise quickly, traders might see more liquidations, which would lower prices.
Additionally, ADA whales may use the selloff in the cryptocurrency market to buy more tokens at reduced prices in anticipation of a possible recovery. Given that ADA long-term holders are losing money, the market’s mood right now could lead to a recovery or prolonged losses if selling keeps up.
Additionally, ADA’s price weakness has been exacerbated by the general bearish sentiment in the cryptocurrency market. The price of Cardano may follow the trend if the Bitcoin crash continues to decline.
