ADA faces a risk of falling to $0.55 after losing $1 support: Cardano Price Analysis
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Cardano (ADA) market trend and future prospects
Cardano (ADA) has performed similarly to Bitcoin (BTC) in the past few months, with the current price consolidating around $1. However, with the Bitcoin market likely to see a correction, Cardano's performance may also be negatively affected. The following is a detailed interpretation of ADA's technical analysis and future trends in the current market environment.
1. ADA/USDT pairing chart analysis
On the USDT pairing chart, Cardano tried to break through the $1.3 resistance level earlier, but failed to maintain the breakthrough. The price has been consolidating around $1 for a while and has now fallen to the $0.75 support level.
Support level analysis: Currently, the $0.75 support level is crucial for ADA. If this support level is breached, it could accelerate the downtrend towards the 200-day moving average, which is around $0.55.
Downside risk: If Cardano continues to lose support, the price could drop further in the short term and face more downside.
2. ADA/BTC pairing chart analysis
On the ADA/BTC pairing chart, Cardano is also showing a volatile consolidation trend. Currently, the price is already in a state of volatility, but if the 900 SAT level is broken, it may accelerate the downside.
Support and resistance levels: If the price falls below the 900 SAT level, ADA may fall further towards the 200-day moving average of 700 SAT and may break this key support level. After breaking this support level, further downside on the ADA/BTC pairing chart may lead to a drop in price to lower levels.
Market sentiment: Due to the high correlation between ADA and Bitcoin in market sentiment and trend, if Bitcoin experiences a pullback, ADA may face greater downward pressure, especially if the Bitcoin market continues to be bearish.
3. Impact of the overall market environment
At present, the overall trend of the crypto market is full of uncertainty, especially when Bitcoin may enter a correction phase. If Bitcoin continues to fall, ADA is likely to enter a volatile downward phase.
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