Cardano Price Struggles Amid Key Resistance and Bitcoin Enthusiasts’ Indifference

Cardano Price Struggles Amid Key Resistance and Bitcoin Enthusiasts’ Indifference

Cardano price remains under pressure, unable to break through crucial resistance levels. This comes as a recent remark from a prominent crypto analyst, stating that “Bitcoiners don’t care” about ADA, has ignited debates across the crypto community. The sentiment suggests that Bitcoin enthusiasts may have minimal influence over ADA price trajectory, especially following Cardano Foundation’s strategic move to leverage Bitcoin’s $1.3 trillion ecosystem.

Why Is Cardano Price Falling Today?

Currently trading at $0.3415, ADA has dropped 4.1% in the past 24 hours. This decline mirrors a broader market downturn, spurred by Bitcoin’s slip below $70,000 after a U.S. stock market crash erased $953 billion. The crypto market overall has shed 5.3%, with Bitcoin priced at $69,551 at 12:53 a.m. EST.

“Bitcoiners Don’t Care About Cardano”

One analyst’s claim that “Bitcoiners don’t care about Cardano” has spurred intense discussions on crypto social platforms. Following Cardano Foundation’s announcement to enter the Bitcoin ecosystem, some Bitcoiners suggest that Cardano aims to serve as a Bitcoin Layer 2 network. In contrast, ADA supporters clarify that Cardano will stay as an independent Layer 1 blockchain, albeit connected to the Bitcoin network.

Since the announcement, ADA’s value has continued to decline, leading some to question the significance of this Bitcoin connection. Crypto analyst Joe 2.0 shared his concerns, noting that:

• Bitcoin assets on Cardano would be wrapped assets, not native BTC.
• The proposed bridge isn’t “trustless” and carries certain dependencies.
• Cardano cannot currently “tap” into Bitcoin liquidity.

A lingering issue Bitcoin proponents have with decentralized protocols is the need to transfer funds from personal wallets, countering the core crypto principle: “Not Your Keys, Not Your Coins.” Joe 2.0 speculated on whether this principle might be compromised with a Cardano-Bitcoin bridge.

ADA Price Prediction: Is a 60% Drop Possible?

Cardano is trending within a bear pennant, a pattern often associated with continued downward trends. This signals potential risk, especially given speculation around ADA’s involvement with Bitcoin and rumored partnerships, including a potential link with NASA.

At the bottom of the pennant, ADA faces a crucial point; a breakdown could see a 60% crash toward $0.13. Immediate support around $0.22 might buffer this drop, though high selling pressure could drive it to the $0.13 target. This aligns with a macro-historical trend for Cardano, which has seen initial drops before significant upswings.

However, a more optimistic outcome could unfold if buyers manage to push ADA above the pennant, targeting resistance levels at $0.5 and $0.81. Until then, Cardano may face ongoing challenges, particularly as market uncertainty persists.