In summary
Cardano price is down 15% in 48 hours, losing the $1.00 support as realized profits soar to a 9-month high of 307 million ADA, worth $276 million.
The MACD indicator shows bearish momentum is building, with investor skepticism growing as market conditions impact ADA’s recovery prospects.
Trading at $0.92, ADA risks further decline to $0.85 but may stabilize for a rebound; reclaiming $1.00 will target a recovery towards $1.23.
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Cardano (ADA) is experiencing strong bearish pressure, with its price dropping 15% in the last 48 hours. The altcoin failed to hold the $1.00 support level, falling below this crucial mark.
This price drop has triggered panic selling among investors, adding to the negative sentiment in the market.
Cardano Investors Turn to Selling
Cardano’s Realized Profit has soared in the last 24 hours, reaching a 9-month high of 307 million ADA. This surge, worth roughly $276 million, indicates the intensity of the panic selling. The wave of selling coincided with Cardano’s price decline, reflecting growing investor skepticism about the altcoin’s short-term recovery prospects.
This sentiment suggests that many ADA holders opted to secure profits as the price slipped below $1.00. The heightened selling activity signals a lack of confidence in the altcoin’s ability to recover quickly, putting further pressure on its bearish trajectory.
Cardano’s macro momentum is also flashing weakness as the MACD indicator approaches a bearish crossover. Less than a week ago, ADA had a bullish crossover, but the switch to bearish highlights the impact of broader market cues on the cryptocurrency. This suggests that Cardano could face further downside pressure in the coming days.
The influence of the broader market on ADA has left the altcoin vulnerable to a correction. The potential for further downside is apparent as bearish momentum strengthens, fueled by market uncertainty and investor skepticism.
ADA Price Prediction: Recovering Losses
Cardano’s price currently sits at $0.92, reflecting a 15% decline over the past 48 hours. Losing the $1.00 support has left the altcoin vulnerable to further selling pressure, making the $0.85 mark the next critical support level. A drop to this level could lead to consolidation above $0.85 and below $1.00, as seen in previous corrections.
Should Cardano stabilize at $0.85, it may enter a consolidation phase, limiting further losses while the market readjusts. This period could allow the altcoin to gather momentum for a potential rebound.
Reclaiming the $1.00 support will be a significant milestone for Cardano. This move could invalidate the bearish outlook, allowing the altcoin to recover recent losses. A successful rebound could propel ADA towards $1.23, restoring investor confidence and encouraging further accumulation.
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