Cardano Holds Above Key Demand Levels Amid Bybit Hack Fallout
Cardano (ADA) is currently above key demand levels after a volatile trading session influenced by Bybit's $1.4 billion hack, which caused panic and a 7% price drop on Friday. The market has since stabilized following Bybit's reassuring response.
Key Points
- ADA remains in a consolidation phase, with analysts suggesting a potential 25% price move if it maintains support above current levels.
- Investors are monitoring ADA's performance as it trades within a tight range, with possible bullish momentum leading to higher supply zones.
- If ADA fails to hold its demand zone, further declines could occur.
Currently trading at $0.76, ADA struggles to reclaim the $0.82 mark. A successful push above this level would target $0.85, aligning with the 200 moving average indicator.
Price Levels
- ADA must defend the $0.73 level to confirm a bullish recovery.
- Failure to maintain this level may lead to further downside into lower demand zones.
- A breakout above resistance could initiate a strong recovery rally.
