Logo
Cardano Ecosystem

BlockNews

11/24/2024

·

56 views


Cardano Faces Strong Pullback After Recent Rally

đŸ˜Č Cardano's price has dropped significantly, falling to $0.96 after peaking above $1 earlier this week. High selling pressure led to a steep decline, erasing gains from its recent rally. Traders are watching the $0.90 support level, which could determine whether ADA rebounds or slides further. Cardano (ADA) has experienced a sharp pullback, erasing the momentum

Cardano Faces Strong Pullback After Recent Rally
  • Cardano’s price has dropped significantly, falling to $0.96 after peaking above $1 earlier this week.
  • High selling pressure led to a steep decline, erasing gains from its recent rally.
  • Traders are watching the $0.90 support level, which could determine whether ADA rebounds or slides further.

Cardano (ADA) has experienced a sharp pullback, erasing the momentum from its earlier rally that pushed prices above $1. The token is now trading at $0.96, marking a substantial drop over the past 24 hours. This decline reflects increased selling pressure as investors lock in profits following a period of strong upward movement.

The significant price reversal has caused concerns among market participants, with ADA testing critical support levels. The recent volatility highlights the challenges ADA faces in maintaining its bullish momentum amid shifting market sentiment.

TradingView

Support Levels Become Key as Selling Pressure Rises

The decline in Cardano’s price has placed the $0.90 support level under the spotlight. If this level holds, it could provide a foundation for a potential recovery. However, failure to maintain support might lead to a deeper correction, potentially revisiting lower levels last seen weeks ago.

Technical indicators suggest that the pullback has been driven by profit-taking activity among short-term investors. The market’s focus now shifts to whether the recent sell-off will stabilize or result in further declines. As ADA approaches critical price levels, its ability to hold support could define its near-term trajectory.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on BlockNews

ORIGINAL SOURCE

https://blocknews.com/cardano-faces-stro...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from BlockNews

See more
Is Cardano’s Bull Run Over? A Look at the Recent Decline – BlockNews.com
BlockNews
Is Cardano’s Bull Run Over? A Look at the Recent Decline – BlockNews.com

last Tuesday at 2:21 AM

·

15 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)