ADA Risks Falling to $0.55 After Losing $1 Support: Cardano Price Analysis

Cardano has been moving similarly to Bitcoin over the past few months and is currently consolidating around the $1 mark.

However, if BTC corrects in the coming weeks, ADA will likely perform even worse.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

On the USDT wall chart, the asset has consolidated around the $1 mark after being rejected by the $1.3 resistance level earlier.

For now, the price is falling back towards the $0.75 support level and could break it to the downside and target the 200-day moving average, which is around $0.55.

The paired chart of BTC

The ADA/BTC chart presents a similar picture as the price has been consolidating for the past couple of months. However, if the 900 SAT level breaks to the downside, a further decline towards the 200-day moving average, located around the 700 SAT mark, could be expected, and more could be expected.

Therefore, if the general trend of the crypto market and Bitcoin remains bearish in the short term, ADA is likely to enter a bearish phase.

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