Cardano Drops Below $1: Will Sellers Target Lower Support Levels?
- Cardano falls 3.35% in 24 hours, now trading at $0.964, with a seven-day return of -8.61%.
- A double-top pattern suggests potential testing of $0.90 and $0.82 support levels.
- Broader market pullback adds selling pressure, while a bullish reversal remains possible if key levels hold.
Cardano has failed to maintain its position above the critical $1 level, marking a 3.35% decline over the past 24 hours. The altcoins seven-day return has now dropped to -8.61%, as broader market weakness pulls the total crypto market cap (excluding Bitcoin and Ethereum) down by 1.62% to $1.05 trillion. Currently trading at $0.964, Cardanos market cap stands at $33.90 billion.
Cardano Price Analysis: Support and Resistance Levels
On the daily chart, Cardanos price action reflects a clear break below the $1 mark. This pullback from the $1.10 zone has completed a double-top reversal pattern, increasing bearish sentiment.
At present, ADA is trading at $0.9657, marking its second consecutive bearish candle. The ongoing correction has brought the price below the 20-day EMA, and sellers are now targeting the 50-day EMA. If the bearish trend persists, Cardano could test the $0.90 support level, which aligns with the double-top neckline. Below this, the next critical support is $0.8365, coinciding with the 100-day EMA.
The Relative Strength Index (RSI) has dropped below the halfway point, signaling intensified selling pressure. However, should the broader crypto market stabilize, Cardanos key resistance levels will include the $1 psychological mark and the 23.6% Fibonacci level at $1.05.
ADA Price Targets: Bullish Reversal or Deeper Declines?
Despite the ongoing pullback, Cardano retains a higher-low formation, leaving room for a potential bullish reversal. If this structure holds, ADA could form an ascending triangle pattern, with $1.10 as a key resistance zone.
Conversely, a drop below the $0.90 neckline would invalidate the bullish outlook, opening the door for further declines. In this bearish scenario, the price could slide to the 200-day EMA at $0.70, a critical support level for long-term investors to watch.
Market participants are closely monitoring these levels as Cardano navigates a challenging market environment, where broader sentiment and technical factors will dictate its next move.
Read more: https://thenewscrypto.com/cardano-drops-below-1-will-sellers-target-lower-support-levels/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
