Cardano ADA Price Drops by 10.4% as Support at $0.62 Collapses: What Lies Ahead for ADA?

Cardano (ADA) experiences a significant 10% decline, dropping below a crucial support level during the ongoing market downturn.
Over the past month, ADA has fallen below this support level three times but managed to recover on the first two occasions.
The optimism of investors hoping for Cardano (ADA) to continue its bullish trend diminishes as the asset falls below a critical support level at $0.62, reaching $0.58.
This seems to be a challenging start for the asset in April, as it has decreased by 10% in the last seven days, reaching its lowest price point since March 19.
Analysts note that Cardano previously recovered from below this level on March 5 and replicated this on March 19. However, its inability to maintain its price above this support level for the third time in the past 30 days raises uncertainty about the future direction of the asset. Some analysts believe that if buyers fail to take control of the market, the price could continue to decline and find support at $0.55. Interestingly, others predict a scenario similar to mid-March, with a rebound to reclaim the $0.62 zone.
Expectations for Cardano this year were extremely high following the release of a Messari report titled “State of Cardano Q4 2023,” which revealed a 166% quarter-over-quarter and 693% year-over-year growth for the ecosystem. At the beginning of 2023, its Total Value Locked (TVL) ranked 34th but surpassed several projects to reach 11th place. In February 2024, IntoTheBlock data showed that 67% of holders had held the asset for over a year, indicating strong confidence in the ecosystem.
Renowned crypto analyst Ali Martinez recently predicted that ADA would rise to $0.8, retrace to $0.60, and then experience another upward movement to $8. Martinez emphasized that Cardano’s breakout could occur sooner than expected.
The breakout of Cardano may occur sooner than anticipated! However, if history repeats itself, we expect ADA to rise to $0.80, retrace to $0.60, and then enter a bull run towards $8 by January 2025!
A chart analyst known as Trend Ride also confirmed the bullish outlook. However, the current price action has left investors doubtful, recalling a previous attack by BitMEX co-founder Arthur Hayes. Hayes referred to Cardano as “dog shit” and criticized the platform for its lack of impactful decentralized applications (dApps). In response, Cardano’s Charles Hoskinson diplomatically addressed these comments.
While Cardano is facing some criticism from certain investors for not meeting expectations and losing its position to Dogecoin, it is important to note that the current market downturn affects the entire cryptocurrency market.
Bitcoin (BTC) has fallen by 5% in the past seven days, trading below $66k, Ethereum (ETH) has declined by 7% during the same period, and Shiba lost 11% of its value.
Nevertheless, multiple analysts have predicted a strong rebound in the crypto market in anticipation of the Bitcoin halving. According to a price prediction platform, ADA is expected to experience a bullish reversal and reach $1.
Recommended for you:
Guide to Buying Cardano
Cardano Wallet Tutorial
Check Cardano’s 24-hour Price
More Cardano News
What is Cardano?