Cardano Price Analysis

The price of ADA decreased by 4.5% in the last 24 hours to trade around $0.351 during European business hours on Monday. The price drop invalidates a previous bullish pattern on the Cardano chart. If Bitcoin behaves, ADA bulls may save the price before incurring further downside. ADA price was bullish last week as market participants anticipated a break out from a falling wedge. However, following Bitcoin’s downward turn, the ADA breakout was invalidated. Instead, the asset’s price broke to the downside, going as low as $0.3165.

There was some reprieve after the price crash as ADA rose 18% from the crash bottom to test $0.37, a support-turned-resistance. The ADA price action is trending below the 50-day and 200-day simple moving averages, as it struggles to break above this new resistance zone.

If Cardano survives this Bitcoin onslaught on the markets, ADA price may rally 43% back to $0.62. Key resistance points to look out for on the way up include $0.46, $0.54, and $0.60. On the flip side, if the bears prevail, Cardano may drop by 27% to $0.24, the strongest support level since $0.45. Key support levels to watch out for include $0.336 and $0.28.

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