Cardano, often seen trailing the market trends set by Bitcoin, has experienced a severe crash, losing 17% of its value in just 24 hours. After a week of negative performance totaling a 15.8% drop, the broader implications of Bitcoin's struggles have sharply resonated within the Cardano market, pulling it significantly lower.
Why is Cardano Crashing?
The crash in Cardano’s price can primarily be attributed to two major factors. The first and most impactful is the direct consequence of Bitcoin's inability to surpass the critical resistance level of $70,000, leading to a wider market downturn. This event has notably dampened the sentiment across the crypto landscape. The second factor compounding Cardano's woes stems from a wave of panic selling triggered by some analysts' predictions regarding Bitcoin's potential crash post-halving. These analysts have projected a gloomy outlook, spreading fear that reverberated through the markets, heavily impacting altcoins like Cardano.
Cardano Price Analysis: ADA Crashed HARD?
Currently, Cardano is trading at $0.48, marking a significant -17% decline over the past 24 hours. Over the last week, the cumulative loss has extended to nearly -15.8%. This sharp decline underscores the heightened volatility and the fragility of market sentiment, particularly for altcoins that often follow Bitcoin's lead.
Cardano price reached the support level around $0.45 and slightly rebounded. However, if the trend continues ADA can see lower targets.
Cardano Price Prediction: How Low Will It Go?
Given the recent sharp decline and the ongoing bearish trends influenced by Bitcoin's performance and market sentiment, the outlook for Cardano appears challenging. If the market continues to falter, Cardano could see further declines, testing new support levels. Now that the first support of $0.45 was reached, investors should be wary of the next two targets delimited by a price of $0.40 and $0.30 respectively.
