Cardano Price Analysis

Due to rising selling pressure, the crypto market has seen roughly $1.5 billion in liquidations. In such circumstances, Cardano (ADA) trades around $0.55, down over 13% in 24 hours. ADA is the 10th biggest cryptocurrency by market size at $19.56 billion.

Trading volume rose to $1.6 billion in 24 hours due to higher supply. Trading volume is rising while price falls, indicating rising demand. Will this drop ADA to $0.50?

The top positions since December 2024 have a falling trendline. Each time the price reaches this trendline, it falls.

Cardano Price Chart

From $1.23 in December to $0.55 now, Cardano has dropped over 55%. This raises negative expectations for the $0.50 collapse.

A rectangular consolidation zone developed in March and early April has broken down. Bearish trend continuance.

Cardano is below all important daily EMAs (20, 50, 100, 200) at $0.55. This is 17% away from the nearest EMA at $0.66.

The 20 EMA crossing below the 50 EMA in late March established a trend continuation “death cross” pattern.

Fibonacci numbers indicate that the 50% level at $0.77 and the 0.382 level at $0.88 are major resistance levels. The $0.65 price zone provides immediate support, while the 78.60% Fibonacci level at $0.51 provides greater support. Bulls must guard against additional crashes.

The next targets are $0.48 along the falling trendline and $0.40 if the ADA price falls below $0.55. If ADA breaks above the present level, it might test the 0.618 Fibonacci level at $0.67 and subsequently the 0.5 level at $0.77.

Bears Rule Cardano Futures Amid Major Shakeout
Cardano's Open Interest is $310.2 million, while perpetual contracts are $309.4 million. The open interest dropped 15.11% across all contracts in the previous 24 hours. Large liquidations and a drop in open interest amid a price downturn indicate a trader shakeout.

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