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Crypto Market Trends: Cardano Price Sees Sharp Reversal Amid Market Downturn
Cardano’s price has taken a sharp downturn, dropping nearly 21% from its highest level this month as investors took profits, according to recent market trends.
Broader Market Trends
The decline mirrors broader trends across the crypto market, with Solana, Polkadot, and Cronos also experiencing significant price drops. Solana dropped by 12.65% from its highest level this month, while Polkadot and Cronos fell by double digits.
Crypto analysts remain optimistic that Cardano will resume its bullish trajectory, describing the current dip as a normal retracement in a bull market. Historically, cryptocurrencies often experience minor pullbacks during extended rallies.
Expert Predictions and Analysis
Experts are predicting a temporary decline in Cardano’s price, with some analysts forecasting a significant rebound in the coming months. Dan Gambrardello, a well-known cryptocurrency analyst with over 273,000 followers, described the decline as temporary, predicting that Cardano could reach $5 to $10 when Bitcoin hits $200,000.
“These dips are your best friend when you realize they’re the path to $BTC hitting $200k, $ADA climbing to $5–$10, and $DOG reaching a $20B+ market cap,” he said in a recent X post.
Technical Analysis
The weekly chart shows that Cardano has rebounded in recent weeks, hitting a high of $1.1520, its peak since April 2022. The price has surpassed the crucial resistance level of $0.80, previously its high on March 4.
Cardano is now attempting to retest this level as support, a common continuation signal in technical analysis. Analysts suggest that Cardano could rise to the 50% retracement level at $1.6700, which would mark an 82% gain from its current price.
Fundamental Analysis
Analysts believe Cardano will benefit from its expanding ecosystem and potential shifts away from more expensive blockchains like Solana and Ethereum. Speculation around the approval of a spot Cardano ETF by 2025 further bolsters positive sentiment.
Cardano currently trading at $0.92
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