The recent decline of Cardano’s price below the $1 mark has ignited conversations in the cryptocurrency sector. As traders await significant economic announcements, a notable financial expert believes that ADA could rebound to $4 if it successfully maintains key support levels.
What Does Expert Ali Martinez Suggest?
In the past day, the crypto market witnessed a wave of sell-offs, totaling around $1.76 billion in liquidations. This widespread selling pressure has impacted many cryptocurrencies, particularly Bitcoin and its prominent altcoins. Cardano itself suffered approximately a 10% drop during this turbulent period.
Will Cardano Maintain Its Support Levels?
Currently, Cardano trades close to $1.01, reflecting a significant 10% decrease. Despite this, trading activity surged by 122%, with volumes hitting $3.88 billion. The cryptocurrency reached a 24-hour peak of $1.15, indicating a 75% increase over the last month.
Martinez highlighted that Cardano has fallen below its essential support level of $1.20, where about 93,000 addresses hold 2.54 billion ADA. The next significant demand area is identified at $1.
Recent market jitters were exacerbated by a security breach involving the Cardano Foundation’s X account, where fraudsters circulated a dubious token claiming ADA withdrawals would be halted. In response, the team swiftly worked to regain investor trust.
- ADA could potentially rally to $2 if it remains above $0.644.
- Expert predictions point to a possible increase in value if support levels hold.
- Market data indicates strong trading volume, suggesting ongoing interest.
Cardano’s recent price fluctuations, coupled with optimistic market insights, suggest a potential for upward momentum. If ADA can hold onto crucial support levels, expectations for significant price gains in the near term appear promising.