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Cardano Loses $1 Support: Risks Falling to $0.55

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by Giorgi Kostiuk

a year ago

In recent months, Cardano has shown a similar trend to Bitcoin, consolidating around the $1 mark. However, if Bitcoin continues to correct, ADA may underperform.

USDT Paired Chart

On the USDT paired chart, ADA has been consolidating around the $1 mark after failing at the $1.3 resistance level. Currently, the price is dropping again towards the $0.75 support level and may break it to target the 200-day moving average, located around the $0.55 mark.

BTC Paired Chart

The ADA/BTC chart presents a similar picture. The price has been consolidating for months, but a breakdown of the 900 SAT level could lead to further decline towards the 200-day moving average, around the 700 SAT mark and even lower. Therefore, if the overall trend in the crypto market and Bitcoin remains bearish, ADA is likely to enter a declining phase.

Cardano's Cryptocurrency Outlook

If current trends in the cryptocurrency market persist in upcoming weeks, Cardano might face significant challenges. This is due to the critical support level at $1, which is essential to prevent further price drop.

Overall, the outlook for ADA remains negative if Bitcoin continues to decline.

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