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The broader crypto ecosystem has yet to recover from the sell-offs that have picked up since the start of this year. While Bitcoin (BTC) is leading the sell-off, Cardano (ADA) is one of the top altcoins battling stability on the market today. At the time of writing, the coin has dropped by 9.43% in 24 hours and is trading at $0.7331. With this outlook, crucial price levels come into focus for short-term traders.
Cardano support zones
Overnight, the ADA price dropped as low as $0.7071, with volume plummeting before recovering to the current level at which it is trading.
Godfrey BenjaminThis confirms that Cardano has been caught up in the volatility that has rocked the broader market over the past seven days. Within this period, the coin has lost 23.14% of its value, paring off the 5.88% gains accrued over the past month.
In light of the ongoing sell-off, top market analyst Ali Martinez has shared insights into the Cardano price levels to watch. According to him, ADA’s key support zones now lie between $0.80 and $0.60. The analyst noted that the coin’s ability to stay above these regions is crucial to chart the next price rally.
However, the ongoing Cardano boycott in the top governance summit has impacted the sentiment within its ecosystem as investors question its relevance as American tech.
Market sentiment and hopes for rebound
Establishing the Bitcoin reserve has failed to pacify investors who have continued to sell drastically. Macroeconomic sentiments are not improving, with the trade war impacting some of the world’s biggest economies.
Since risk-on assets like Bitcoin are susceptible to macro trends, there has been a ripple effect in the overall market outlook. While Cardano has an ecosystem and a fundamental of its own, its rebound conditions hinge on whether the broader market sees a sustained revival.
Dan Burgin
Vladislav Sopov