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Reading: Cardano Faces Critical Levels: Can It Maintain Support?
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COINTURK NEWS > Cardano (ADA) > Cardano Faces Critical Levels: Can It Maintain Support?
Cardano (ADA)

Cardano Faces Critical Levels: Can It Maintain Support?

In Brief

  • Cardano struggles below key resistance while showing signs of consolidation at $0.76.

  • Technical indicators reflect indecisiveness among traders amid conflicting analyst opinions.

  • Analysts highlight critical levels that may influence Cardano's price movements.

Ömer Ergin
Ömer Ergin 3 months ago
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Cardano $0.751884 (ADA) continues to exhibit a downward trend within a descending triangle formation, according to technical analysis. The cryptocurrency trades below the resistance level of $0.85 while showing signs of consolidation at a solid support area around $0.76. Traders are evaluating the likelihood of a drop to $0.68 or a potential recovery if these levels are breached. The persistence of certain large investors in their buying strategies raises the possibility of a short-term uptick. Market analysts share conflicting opinions regarding the direction of prices in the coming days.

Contents
Technical Indicators and Price MovementsConflicting Comments from Market Analysts

Technical Indicators and Price Movements

Cardano’s breakdown of the symmetrical triangle on the four-hour chart indicates an increase in selling pressure. The $0.85 level has emerged as a significant resistance that has hindered recent attempts at price recovery. The inability to maintain a firm movement above this level nurtures concerns about a continuing downward trend.

The $0.76 support zone is perceived as a critical psychological level for ADA. However, if this level is lost, predictions suggest a potential decline to $0.68. The drop in trading volume reflects traders’ indecisiveness. Technical indicators, particularly the low momentum in RSI and MACD, do not provide clear signals for a short-term rise.

Conflicting Comments from Market Analysts

Market analyst Winghaven Crypto states that the symmetrical triangle breakout confirms the downward trend. This movement on the four-hour chart indicates that sellers have taken control. According to Winghaven, selling pressure could increase as long as ADA cannot hold above $0.85.

Conversely, analyst Ali Martinez emphasizes that if support levels are maintained, buyers could step in. Martinez suggests that a drop below $0.76 could result in a 33% fluctuation, but purchases could trigger a recovery. The interest from some large investors supports this scenario.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 9 March, 2025 - 1:06 pm 9 March, 2025 - 1:06 pm
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