Cardano price analysis: ADA must defend critical $0.805 support in order to prevent a 50% crash

Cardano price research indicates that the price has fallen back to the $0.805 support level. Price must maintain current levels in order to avoid a collapse to $0.38.
ADA’s price has down 1% in the last 24 hours, while trading volume has decreased 10%.

Cardano price analysis is bearish once more, following a brief increase over the last two days that saw the coin reach a high of $0.89. ADA fell more than 1% in the last 24 hours, reaching a low of $0.786, with trading volume falling more than 10%. With the recent dip, ADA is projected to challenge the $0.805 support level, which it is now trading at. If it fails to maintain this level, a 50% fall is possible, driving the token down to $0.38. A 24-hour closing above the $1 level, on the other hand, would initiate a new uptrend and invalidate the bearish thesis.

 

The broader cryptocurrency market also tumbled, with Bitcoin falling back below $39,000 after a 2% dip.

Ethereum also declined, but remained over the $2,500 level with a 1.5 percent loss. Terra experienced the steepest decrease among all Altcoins, with a 9 percent drop. Ripple and Dogecoin each fell 2% to $0.73 and $81.10. On the other hand, Polkadot increased by 4% to $17.71 while Litecoin increased to $103.07.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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