06.02.2025 14:21
The price of Cardano has experienced a significant decline following the sharp drop in Ethereum. However, compared to ETH, the situation for ADA still looks more positive. So, what do the indicators say? In our news on Cardano (ADA) price prediction and analysis...
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Cardano (ADA) Price Analysis
ADA has formed a wide descending channel, fluctuating between $1.2 and $0.8 for the past few months.
However, during the market crash led by Ethereum, the price fell below the 200-day moving average with a downward break of this channel. Although ADA dropped to around $0.6, it quickly recovered.
Currently, ADA is trying to maintain the critical support level of $0.8, and if it can hold this level, it may enter an upward trend again soon.
BTC Chart
The ADA/BTC chart paints a similar picture to the USDT pair. However, it appears that ADA is weaker against Bitcoin.
The critical support at the 900 SAT level has been lost in the market, and the price is currently testing the 200-day moving average at the 750 SAT level.
If this level is breached, a decline towards the 500 SAT region may become likely. However, since the Relative Strength Index (RSI) has given an oversold signal, a recovery towards the 900 SAT level seems more probable in the short term.
Note: No statement in this news article constitutes investment advice. The responsibility for trading decisions lies entirely with the investor.
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