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Cardano Price Struggles: Will ADA Rebound Above $1?

Cardano (ADA) continues to face mounting bearish pressure, trading below $1.00 after failing to breach the $1.13 resistance level. While Bitcoin enjoys an upward trajectory, ADA’s divergence from the leading cryptocurrency has raised concerns among investors.

Cardano Investors Face Rising Losses

Cardano’s recent price action has been marked by an increase in realized losses. Data shows that more investors are selling their ADA at a loss, reaching a two-month high. This bearish trend highlights growing uncertainty in the market.

Cardano Realized Profit/Loss. Source: Santiment

The current sentiment suggests caution, with sellers stepping back and market activity slowing. As investors wait for stronger bullish signals, Cardano’s recovery may remain delayed.

ADA’s Correlation with Bitcoin Declines

Cardano’s correlation with Bitcoin has dropped to 0.40, indicating a growing decoupling from the broader market leader. Historically, such a divergence has preceded price corrections for ADA.

Cardano Correlation With Bitcoin. Source: TradingView

Without Bitcoin’s stabilizing influence, Cardano appears increasingly vulnerable to standalone volatility. This weakening connection underscores ADA’s fragility and the challenges it faces in regaining momentum.

ADA Price Prediction: Can Cardano Reclaim Support?

In the last 24 hours, Cardano’s price has dropped by nearly 10%, settling at $0.95. The cryptocurrency is struggling to break past the $0.99 resistance level, reflecting ongoing bearish sentiment.

The recent decline pushed ADA below the psychological support of $1.00. If selling pressure continues, the price could test $0.85, a level it nearly reached during yesterday’s session.

However, a rebound above $0.99 could signal the start of a recovery. Reclaiming this level might enable Cardano to target $1.13 as its next resistance. Such a move would invalidate the bearish outlook and restore investor confidence.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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