- Cardano faces resistance, struggling to sustain rebound amid market sell-off.
- ADA’s price dip could reach $0.60 if selling pressure persists.
- Cardano battles key resistance levels, eyes potential recovery above $0.74.
Cardano (ADA) is facing significant challenges as the broader cryptocurrency market grapples with a sharp downturn. Following a brutal sell-off over the weekend, ADA saw a major price drop, hitting a low of $0.61 on October 11. This sharp decline was part of a broader crypto market retreat, which saw the combined market capitalization of cryptocurrencies drop by over $150 billion in just 24 hours. Despite the early downturn, Cardano experienced a brief recovery, marking a two-day bounce to $0.736 by October 13.
However, this rebound has been short-lived, with resistance from sellers at the $0.736 level indicating that the bulls are facing significant pressure. The term “dead cat bounce” has been used to describe ADA’s rise, highlighting the fragile nature of its recovery. The recent resistance signals that the bears may still be in control, and further declines could be on the horizon if the selling continues.
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Key Resistance Levels and Market Outlook for ADA
For Cardano to regain momentum, it will need to overcome significant resistance levels. ADA is facing challenges at the $0.736 mark, where selling has been particularly strong. If this resistance holds, Cardano could see further downside, with potential drops to $0.60 or even $0.50 in the coming days.
Source: Tradingview
However, if the price manages to break through these resistance levels and climb above key daily moving averages—currently sitting at $0.833 and $0.741—there could be a shift in market sentiment. Such a move would invalidate the bearish outlook and potentially signal a more sustainable recovery for ADA.
As of now, Cardano is trading down 5.26% in the last 24 hours, with a 21% decline over the past week. Market observers are closely monitoring the situation to determine whether the current downtrend will continue or if ADA can build enough momentum to reverse its losses. With the crypto market still in a cautious consolidation phase, ADA’s future performance will largely depend on its ability to break through resistance and regain investor confidence.
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