In a seemingly relentless bout of bearish sentiment, the negativity originating from Bitcoin’s recent struggles has permeated the entire cryptocurrency market after the recent news that Elon Musk’s SpaceX had sold all of its Bitcoin (BTC) holdings in 2021
The far-reaching impact of this downward trend has now manifested in Cardano’s (ADA) price, effectively erasing all the gains it accrued since the dawn of 2023.
The New Year began with Cardano trading at a modest $0.246. Yet, the current scenario is a stark contrast, with ADA’s price on August 18 standing at $0.264. These fluctuations have thrown ADA’s price trajectory into disarray, considering its notable highs of $0.45 in April and $0.35 in July.
Cardano chart analysis
The past week has proven particularly unkind to ADA holders, witnessing a worrisome descent of over 10%.
Even more concerning, the token is now experiencing a 3.5% dip within the last 24 hours, briefly touching a low of $0.2473. As it stands, ADA’s valuation is now hovering around the $0.2963 mark.
In light of these developments, it becomes evident that ADA’s immediate outlook hinges upon key support and resistance levels. At present, the $0.24799 level serves as a crucial support point, where ADA’s downward momentum could potentially be slowed or even reversed.
On the flip side, the $0.27742 resistance level looms overhead, posing a formidable obstacle to any potential recovery in the short term.
The intricate dance between these support and resistance levels will undoubtedly shape ADA’s journey in the coming days and weeks. As the broader cryptocurrency market continues to respond to Bitcoin’s struggles, ADA investors and enthusiasts find themselves at a crossroads, awaiting signals of a potential reversal or a deeper slide.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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