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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Dec 10, 2024 09:04 UTC
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Cardano Loses 25% in 3 Days: Is This a Buying Opportunity?
Cardano's price has plummeted 25% in three days after a strong rally, liquidating over $24 million in leveraged positions.
Despite the recent drop, analysts remain bullish on Cardano's long-term prospects.
Key support levels for Cardano are around $1 and 81 cents, with a potential buy zone below 80 cents.
Cardano (ADA) has seen a strong rally since early November, reaching the upper edge of a megaphone chart pattern. However, after recent gains, the large-cap altcoin has pulled back by about 25%, trading at around $1.01 on Tuesday, December 10, during the mid-London session.
With a fully diluted market value of $45.5 billion and an average daily traded volume of $4.4 billion, Cardano’s price movement is attracting attention.
This price volatility has caused significant liquidations in Cardano’s leveraged market. In the past 24 hours, more than $24 million was liquidated, mostly from long traders. Additionally, Cardano’s Futures Open Interest (OI) has fallen by over 26%, dropping to around $832 million at the time of writing.
Cardano Price Analysis
As the altseason continues, fueled by capital rotation from Bitcoin (BTC), Cardano has become a popular choice for whales. However, ADA is facing a key support level around $1. After losing the $1.2 level, where 93,000 addresses bought more than 2.5 billion ADA, Cardano must maintain this $1 support to avoid a further drop toward 81 cents.
It’s Looking Bullish!
Crypto analyst Ali Martinez believes Cardano’s price is following a similar pattern to its 2020/2021 bull cycle, meaning ADA could remain a solid “buy zone” even if it falls below 80 cents.
Martinez is confident that ADA will reach new all-time highs in this bull cycle, with a target range of $4 to $6.
Curious about the future of Cardano’s price? Check out our Cardano price prediction for expert insights and stay ahead of the market!
Cardano’s Strong Fundamentals
The recent rise of ADA is heavily bolstered by the victory of President-elect Donald Trump, whereby Cardano founder Charles Hoskinson has been working closely with the transition team to ensure crypto-friendly regulations.
The total value locked (TVL) on the Cardano network has risen to over $555 million and more than 54k daily active addresses.
Never Miss a Beat in the Crypto World!
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In a market full of unpredictability, Cardano stands out, holding its ground as it prepares for whatever comes next.
FAQs
According to our Cardano price prediction, the altcoin’s price could hit a maximum of $2.42 by the end of 2025.
At the time of writing, the price of 1 Cardano ADA token was $1.02
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