Cardano (ADA) is in a make-or-break situation. The 10th-largest cryptocurrency based on market capitalization is walking on a tightrope just below the psychological price of $0.55.
Market analyst Vlad Hryniv pointed out, “ADA is potentially at a major crossroads. Recent data shows a heavy liquidation flush near the $0.60 mark—over $50M in longs wiped out last month. This forced selling often scares weaker hands out, setting the stage for stronger, more confident buyers to step in.”
As the broader altcoin market cools down, Cardano faces a fear-driven pullback that could see it drop below the psychological price of $0.55.
At this time, ADA hovered around the $0.583 zone per CoinGecko data.
Nevertheless, all hope is not lost because Hyrniv opined that key technical & psychological support around $0.60 usually align with extreme oversold signals and liquidation clusters, which historically signal potential bottoms.
The analyst added, “Could this be the inflection point where ADA starts its next rebound? With market sentiment reset and capital rotating back to quality large caps, this looks like a prime setup for a fresh leg up.”
Meanwhile, Cardano finds itself inside a falling wedge structure, which is usually bearish in the short term but often precedes reversals once confirmed.
Therefore, Cardano finds itself at a critical point, which will shape its mid-term trajectory.
Meanwhile, Bloomberg senior analyst Eric Balchunas recently opined that Cardano was among the cryptocurrencies whose spot exchange-traded funds (ETFs) had a more than 90% approval rating from the United States Securities and Exchange Commission (SEC). The others were Dogecoin (DOGE) and XRP.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
