Cardano (ADA) Drops 14% but Maintains Key Support Level
Cardano (ADA) has experienced a 14% decline, dropping below $0.90 amidst a broader market pullback. Despite this, some analysts maintain a positive outlook for ADA, suggesting a potential recovery to $1.30.
Market Overview
- Cardano ended the week with seven consecutive red candles.
- Bitcoin (BTC) fell below $100,000 support for the first time in over a week.
- ADA's price fluctuated between $0.85 and $0.89 before recovering slightly.
- ADA previously bounced from $0.90 to reach $1 but faced resistance at $1.18.
- The current price is near a two-week low, close to the end-of-year range of $0.83-$0.95.
Support Levels and Predictions
- ADA showed a 5% recovery from its recent low, returning to a critical support level.
- Analysts indicate no panic if ADA holds above the $0.80 support zone.
- This support level was significant in Q1 2024 and could fuel future rallies.
- Carl Runefelt predicts a bullish breakout could target $1.9, contingent on breaking resistance at $1.30.
- Trader Sebastian emphasizes the importance of closing above $0.95 for a positive outlook.
- As of now, ADA is trading at $0.90, reflecting an 8% drop in the last 24 hours.
