The crypto market saw a massive dip at the tumultuous beginning of the month, with major cryptocurrencies seeing large declines since the beginning of April. Cardano (ADA) is the most notable of them all after falling 10.4% in the first two days to reach $0.582. The price of ADA has not been this low since March 19, which worries fans of the well-known cryptocurrency.
The loss of a critical support level at $0.62 per token is very concerning. It is currently very difficult for Cardano to overcome this key level, from which it had previously recovered on March 5 and March 19. There is a sense of anxiety over the future direction of the price of ADA after it failed to hold this support level for the third time in the previous thirty days.
Opinions among analysts about the possible results differ. Some predict a situation similar to what happened in mid-March when Cardano hit its local low and buyers intervened to raise the price. This upbeat perspective implies that history can repeat again, with ADA seeing a rise in demand and gaining ground that has been lost.
Others, on the other hand, are still cautious and suggest that there may be further downside pressure. Should purchasers once more fail to show up, Cardano’s price may continue to decline. The next significant support level is at $0.55 per ADA, and this might be a turning point in the short-term trajectory of the cryptocurrency.
For Cardano and its investors, the upcoming days will surely be crucial as the cryptocurrency looks for stability in the midst of volatile market conditions.
