Cardano price has dropped below the $1 support level amid a broader crypto market crash. This decline aligns with BTC fall below $100k, signaling bearish market sentiment. Building on the bullish trend from the previous month, the ADA price now seems to be experiencing some pullback. Crypto Analyst Peter Brandt highlights potential further declines as market conditions weigh heavily on the cryptocurrency’s short-term outlook.
Peter Brandt Explains the Next Chapter for Cardano Price Trends
Crypto Expert Peter Brandt has tweeted his bearish outlook on Cardano price, predicting a potential significant price decline. Highlighting a “head-and-shoulders” pattern on a recent chart, Analyst suggests that ADA price could dip to $0.91.
The analysis reveals that ADA is having a hard time to maintain its upward movement, and the current market situation shows increasing selling pressure.
Cardano price faced pressure after the Federal Reserve concluded its December meeting with a 25-basis-point rate cut. Despite meeting expectations with its third consecutive cut, hints of fewer cuts in 2025 caused bearish ripples in the crypto market. Bitcoin dipped below $100k, while Cardano traded near critical support levels.
Notably, large ADA transactions totaled $15.8 billion on DEC 2. However, whale investors have reduced demand, impacting market sentiment. Data reveals that large ADA transactions dropped to $2.9 billion by December 18. This reflects a significant $13 billion decline from the monthly peak.
The reduced whale activity raises concerns about ADA’s support levels, suggesting sustained market uncertainty heading into 2025.
Can ADA Price Hit $0.5 Following The Bearish Trend?
As of the reporting time, the ADA price is trading at $0.885, with a 5% decrease in the past 24-hours.
The MACD indicator indicates ongoing bearish pressure. Both the MACD and signal lines remain in negative territory, suggesting sellers still dominate the market. However, a narrowing histogram indicates weakening bearish momentum, signalling the possibility of consolidation or an upward reversal.
If the bearish momentum continues, the Cardano price prediction could breach the $0.8 support level, potentially declining toward $0.7 or even $0.5. However, if the bullish momentum takes over, ADA could rally toward the $1 mark and retest the critical $1.10 resistance.
Cardano price faces mounting bearish pressure, with analysts eyeing critical support levels near $0.8. Future price action hinges on market sentiment, whale activity, and the broader cryptocurrency market trends.
Frequently Asked Questions (FAQs)
Brandt predicts ADA could dip to $0.91 based on charts.
A “head-and-shoulders” pattern signaling a potential downward trend.
ADA’s critical support level is near $0.8, with risks of $0.5.
Coingape Staff
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Disclaimer: 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.
Source: https://coingape.com/markets/peter-brandt-reavels-what-cardano-price-could-do-next/
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