Cardano Price Could Drop To $0.53 Unless This Happens

Cardano price is currently facing downward pressure, with analysts pointing to key support levels that could determine its next move. The altcoin has broken below a parallel channel, signaling increased bearish momentum. Analysts suggest that unless ADA reclaims the $0.67 level as support, it may continue its decline, testing lower levels.

Cardano Price Critical Support at $0.67, Breakdown To $0.53?

The crypto market selloff has pushed the Cardano price below the $0.67 support level, raising concerns about further declines. Crypto analyst Ali Martinez highlighted that ADA is at a crucial juncture, with its structure showing lower highs and lower lows. If the downward trend continues, traders may see increased volatility, with ADA struggling to find a stable support zone.

ADA price action suggests that selling pressure remains strong. Analysts warn that failing to recover above $0.67 could lead to further downside, with the next major support level at $0.53. This level could act as a temporary accumulation zone, but if the selling momentum persists, a drop below $0.53 is possible.

The current trend aligns with broader market conditions, where cryptocurrencies are experiencing bearish sentiment. The $0.67 and $0.80 range remains the key zone for ADA recovery. However, without a strong rebound, ADA price could see further losses, reinforcing the ongoing downward trend.

Bearish Momentum Persists

Cardano price structure indicates weakening bullish momentum. Crypto analysts have noted that ADA inability to hold key support levels has intensified selling activity. The recent decline has confirmed a bearish pattern, suggesting that ADA may struggle to regain upward momentum.

The cryptocurrency is also facing technical resistance, making it difficult to reclaim previous price levels. If Cardano price fails to recover soon, traders may see increased liquidations, driving prices lower. 

Moreover, ADA whales might take advantage of the crypto market selloff to accumulate more tokens at lower prices, anticipating a potential rebound. With ADA long-term holders facing losses, the current market sentiment could either trigger a recovery or extend losses if selling continues.

Additionally, bearish sentiment across the crypto market has contributed to ADA’s price weakness. If Bitcoin crash continues to decline, Cardano price could follow the trend.

Will Buyers Step in at $0.53?

If Cardano price falls to $0.53, buyers might step in to absorb the selling pressure. However, analysts warn that failing to hold $0.53 could expose ADA to deeper corrections, leading to further losses.

A recovery above $0.67 would be necessary for ADA to regain bullish momentum. If buying volume increases, ADA could stabilize and attempt to reclaim the $0.80 level. 

Despite the crypto market crash, some analysts still forecast an ADA rally to $10, citing strong network activity and growing adoption. Charles Hoskinson’s emphasis on Midnight as Cardano’s biggest growth area has fueled optimism. At the time of writing, Cardano price is trading around $0.67, down over 5% in the last 24 hours. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.