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ADA Dips Amid Bitcoin Decline and Profit-Taking Pressure
Cardano (ADA) reached a high of over $0.40 in the past week as traders anticipated further upward momentum. However, the altcoin struggled to maintain its gains and has declined in the last 24 hours.
Sharp Pullback Amid Profit-Taking
According to CoinMarketCap, Cardano experienced a roughly 10% drop as some holders took profits while market sentiment remained bearish. ADA fell from an intraday high of $0.4051 to $0.3791, representing a 5.22% decline at press time, with trading volume still rising 21.48% to $696.73 million. Analysts note that buying interest has remained weak, failing to offset selling pressure.
Influence of Bitcoin and Key Support Levels
Cardano’s recent price movements mirror Bitcoin’s more than 5% drop, which reignited broader crypto market fears. ADA briefly breached the $0.38 support level, putting the focus on $0.37 as the next critical support. Sustaining above this level may determine whether Cardano can regain momentum. Market observers warn that a further dip could trigger panic-selling, increasing downside pressure.
Bulls Need $0.40 to Stabilize
For ADA to stabilize, reclaiming the $0.40 level and trading consistently above it is seen as crucial. Failure to do so could intensify bearish sentiment and drive prices toward the $0.30 zone. Cardano founder Charles Hoskinson had previously suggested a bullish outlook, but volatility has prevented sustained gains.
Whale Activity Raises Market Attention
Adding to market dynamics, a whale recently moved 150 million ADA, worth about $63.3 million, during this period of heightened volatility. The transaction sparked speculation among traders and underscored the fragility of current market sentiment. Analysts suggest that further dips below $0.37 could prompt position adjustments, while a rebound above $0.40 may restore confidence in ADA’s short-term performance.
