Cardano (ADA) has seen significant volatility in recent weeks, capturing the attention of investors and analysts alike. After reaching a local high of $1.15 on November 23, the price retraced significantly and recently failed to reclaim this key level. The inability to break above $1.15 has raised questions about whether ADA’s bullish momentum can sustain its recent uptrend.
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Top analyst and investor Ali Martinez has weighed in, highlighting the potential for a 20% correction if Cardano loses critical demand zones. His analysis suggests that ADA’s current consolidation phase could either serve as a foundation for another rally or lead to further downside if key support levels fail to hold.
The coming days will be pivotal for Cardano, as its price action will determine whether it can break above yearly highs or retreat to lower levels for consolidation. Investors closely monitor ADA’s ability to hold crucial support zones, as losing them could signal a deeper retracement.
Conversely, a decisive move above $1.15 could renew bullish optimism, setting the stage for further gains. Cardano remains at a critical juncture, with both risk and opportunity shaping the market outlook.
Cardano Losing Strength
Cardano’s (ADA) price action has displayed weakening momentum as it struggles to maintain its upward trajectory. After failing to break above the key $1.15 resistance level decisively, ADA’s bullish momentum appears to be fading. Analysts are now questioning whether Cardano can sustain its recent rally or is poised for a deeper correction.
Analyst Ali Martinez shared a detailed technical analysis on X, highlighting key levels that could dictate ADA’s next move. According to Martinez, a close below $1.10 would signal a potential trend shift, raising investor concerns.
Furthermore, he notes that a drop below $1.03 would confirm a bearish breakout, potentially driving the price down to $0.88. Martinez’s analysis emphasizes the significance of supply and demand zones, suggesting that these levels could trigger sharp price reactions in either direction.
Despite the bearish outlook, there is still room for optimism. Cardano could recover and potentially push toward new highs if the broader cryptocurrency market resumes its bullish trend. However, any upside may lack the…
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