Cardano Eyes Recovery as Key Support Level Emerges After 45% Decline
Cardano drops from $1.3264 to $0.7620 amid Fed hawkishness Analyst van de Poppe identifies $0.7460 as crucial support Long-term outlook remains bullish despite internal ecosystem tensions Cardano’s recent...
- Cardano drops from $1.3264 to $0.7620 amid Fed hawkishness
- Analyst van de Poppe identifies $0.7460 as crucial support
- Long-term outlook remains bullish despite internal ecosystem tensions
Cardano’s recent price action tells a story of dramatic swings, with the cryptocurrency experiencing both impressive rallies and steep declines.
The 45% drop from December highs has left many investors questioning the sustainability of ADA’s bullish momentum, particularly in light of the Federal Reserve’s hawkish stance on monetary policy.
Cardano Technical Perspective
MN Consulting’s Michaël van de Poppe offers a compelling analysis of ADA’s current market position, focusing on the critical $0.7460 level.
This ADA price point holds particular significance in Cardano’s market history, having served as stubborn resistance throughout 2022 before being decisively broken in 2024. The principle of resistance becoming support suggests this level could now provide a foundation for ADA’s next upward movement.
— Michaël van de Poppe (@CryptoMichNL) December 30, 2024Request 01 – $ADA
The scenario remains the same.
Pretty heavy run upwards and a 40% correction.
I think we're getting towards the end of this correction, through which I'm expecting a new leg up for things like $ADA. pic.twitter.com/cPxRSfCJ6Y
Van de Poppe’s analysis extends beyond immediate price action, suggesting that ADA’s remarkable 300% surge from November lows might represent just the initial phase of a larger bull market cycle.
His projection of new all-time highs above $3.09 in 2025 or 2026 reflects confidence in Cardano’s long-term potential, despite current challenges including internal ecosystem tensions between Input Output and the Cardano Foundation.
The path forward appears contingent on ADA’s ability to breach the $1.2430 resistance level, while maintaining support above $0.7460. Currently trading at $0.8524, the cryptocurrency finds itself at a crucial juncture where technical levels and fundamental developments could significantly influence its next major move.
Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.
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