Cardano (ADA) experiences a significant decline of 10%, dropping below a crucial support level in the ongoing market pullback. Over the past 30 days, ADA has fallen below this support level three times but managed to recover on the first two occasions.
Investors’ optimism for Cardano’s bullish trend is waning as the asset slips below the important support level of $0.62, reaching $0.58. This is a challenging start for Cardano in April, with a 10% decline in the past seven days, marking its lowest price since March 19.
Analysts note that Cardano previously rebounded from below this level on March 5 and replicated the same pattern on March 19. However, its failure to sustain its price above this support level for the third time in the past 30 days raises uncertainty about its future trajectory. Some analysts predict that the price could continue to decline and find support at $0.55 if buyers fail to regain control of the market. Interestingly, others foresee a scenario similar to mid-March, where Cardano bounces back to reclaim the $0.62 zone.
Expectations for Cardano this year were extremely high after the release of a Messari report titled “State of Cardano Q4 2023,” which revealed a remarkable 166% quarter-over-quarter and 693% year-over-year growth for the ecosystem. At the beginning of 2023, Cardano’s Total Value Locked (TVL) was ranked 34th but surpassed numerous projects to reach 11th place. In February 2024, IntoTheBlock data showed that 67% of holders had been holding the asset for over a year, indicating strong confidence in the ecosystem.
Renowned crypto analyst Ali Martinez recently predicted that ADA would surge to $0.8, retrace to $0.60, and then make another upward move to $8. Martinez emphasized that Cardano’s breakout might occur sooner than expected.
Another chart analyst, Trend Ride, also confirmed the bullish outlook. However, the current price action has left investors doubtful, bringing back memories of a previous attack by BitMEX co-founder Arthur Hayes. Hayes referred to Cardano as “dog shit” and criticized the platform for its lack of impactful decentralized applications (dApps). In response, Cardano’s Charles Hoskinson diplomatically addressed these comments.
While Cardano has faced some criticism for not meeting expectations and losing ground to Dogecoin, it is important to note that the current market downturn is affecting the entire crypto market. Bitcoin has fallen by 5% in the past seven days, trading below $66k, Ethereum has declined by 7% in the same period, and Shiba has lost 11% of its value.
Nevertheless, several analysts predict a strong rebound in the crypto market in anticipation of the Bitcoin halving. A price prediction platform suggests that ADA will experience a bullish reversal and reach $1.
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