Story Highlights:
- A price drop of ADA to the 61.8% FIB reflects a lack of confidence in buyers. Cardano’s potential recovery at $0.52 may be under pressure from high demand.
- ADA’s intraday volume is $574.61 Million. This represents a loss of 40%.
A significant drop in cryptocurrency prices occurred over the weekend, primarily due to the layer 1 blockchain. Cardano. This asset has seen a sharp drop from its lower high level of $0.624 down to $0.45, a 30 percent decline over the past week. Cardano is trying to hold its price above $0.45 despite the fluctuating sentiment of the market and approaching Bitcoin halves. Cardano Price Struggles as Bitcoin Price Falls & BDAG Innovates Amid the broader market correction, the Cardano price developed a V-top reversal from the high of $0.81 in mid-March. This pattern representing complete dominance of sellers plunged the ADA value 45% to trade at the $0.449 mark. The aforementioned support coinciding with the 61.8% Fibonacci retracement level creates a high demand zone for ADA buyers. The renewed buying pressure is evidenced by the tail rejection in the daily candle of April 13th, holding the price above $0.449. The sidelined buyers can monitor this asset for the week and check its sustainability above the horizontal level. Furthermore, for buyers to regain a better confirmation for recovery, they reclaim the 20-day EMA around the $0.52 mark. This breakdown would signal a reversal opportunity for the Cardano coin, but for momentum trading the ADA price should challenge overhead resistance at $0.56 to $0.625. However, the crypto analytics firm Santiment reports a growing trader focus on Bitcoin, especially regarding holding strategies amid market downturns following the Bitcoin halving. As altcoins falter, the attention is turning towards Bitcoin’s stability and fiat liquidations amidst rising market FUD. 📊 Traders have been increasing their discussions toward #Bitcoin and the viability of #hodling through a potential extended correction past the #halving. With #altcoin sectors like #AI, #gaming, #DeFi, #memecoins, and others retracing heavily, expect that the crowd focus will… pic.twitter.com/kPfnwZwE1X — Santiment (@santimentfeed) April 16, 2024 Thus, the top altcoins inducing Cardano may face a delay before joining the post-halving market rally. Related Articles Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.Technical Indicator: