Cardano Price Could Drop to $0.40 Following Liquidity Zone Correction
Cardano (ADA) is experiencing a downturn amid bearish market sentiment. The ADA/USDT pair on Binance indicates potential deeper losses, with forecasts suggesting a drop to the $0.40 region following a liquidity zone correction.
Key Points
- Cardano is in a defined bear market, facing intense bearish pressure.
- The recent price action shows a pullback after a period of sideways consolidation from March to May.
- The previously broken support around $0.63 is now resistance, marking a selling zone.
- A critical support level at $0.581 is identified; failure to hold may lead to further declines.
- If breached, the next support at $0.5092 may lack strength, risking a drop to $0.4564 and potentially $0.40.
- Broader market volatility, related to U.S. tariff speculation, contributed to Cardano's price decline to $0.54.
- Currently, ADA has slightly recovered to $0.5751, but low trading volume raises concerns about sustainability.
