This week, Cardano (ADA) recovered to $0.3484, showing an almost 11% gain after falling to $0.3147 just three days before. However, despite attempts to maintain an upward momentum, this surge is rapidly diminishing.
Brief Analysis of the Current Situation
ADA is approaching the crucial $0.3544 level, having gained 4.55% the previous day. The daily period shows a bearish trend for ADAUSDT. Given the sideways movement of the overall crypto market, it appears to be in a consolidation period. The price may drop to retest the support regions as it has formed a range below the $0.35 resistance level.
Expert Opinion by Lingrid
Specialist Lingrid expressed concerns about the unstable prices, emphasizing a negative outlook. In the latest report, Lingrid noted that as ADA traded and consolidated below the key $0.35 support level, the token looked vulnerable. According to the analyst, ADA is experiencing additional pressure having failed to breach the current range.
Analysts' Future Predictions
Analyst FinancialFreedomGoals provided an even more pessimistic forecast for ADA, pointing out that many cryptocurrencies, including Cardano, are locked in a bear market. According to the analysis, ADA risks dropping to $0.30 if it fails to sustain above the $0.325 support. In case of a downward breakout, targets are set at $0.2506 and $0.2197 using Fibonacci ratios. However, if ADA price goes over the resistance level at $0.3815, it could give hope to the bulls.
Thus, despite the recent recovery to $0.3484, Cardano (ADA) continues to face pressure. Analysts warn of a possible further decline in prices, highlighting the instability of the current market situation.
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