Cardano (ADA) has been on a steady decline lately. It hasn’t managed to break through the important resistance level of $1.13 in recent weeks. Right now, it’s trading below $1.00, which shows it’s struggling to gain any real momentum.
Unlike Bitcoin, which is on the rise, ADA is facing increased bearish pressure. This situation is raising concerns for investors about what’s next for the cryptocurrency.
Many Cardano investors are feeling the pinch. Realized losses have hit a monthly high. More and more investors are choosing to sell, even if it means taking a loss. This trend indicates a growing sense of bearish sentiment around ADA.
With this price action, investors might take a moment to pause and rethink their positions. As sellers step back, market activity could slow down, making it even harder for Cardano to recover quickly. Right now, the mood in the market is cautious. Traders are waiting for stronger bullish signals before they jump back in.
Interestingly, Cardano's correlation with Bitcoin has dropped to 0.40 and is still sliding. This suggests that ADA is becoming more independent from Bitcoin. Historically, when this happens, ADA has often faced corrections, losing the support that comes from Bitcoin's influence. This declining correlation raises questions about ADA's ability to bounce back on its own.
This weakening connection to Bitcoin might make Cardano more vulnerable to volatility. While Bitcoin usually helps stabilize the altcoin market, ADA's current situation highlights its fragility. Without some positive external signals, the future for this cryptocurrency looks uncertain.
In the last 24 hours, Cardano’s price has dropped nearly 10%. It’s currently sitting at $0.95. The altcoin is still below the critical resistance level of $0.99, which shows how tough it is for it to reclaim key support levels amid ongoing selling pressure and weak market sentiment.
The recent decline has pushed ADA below the psychological support of $1.00. Given the current bearish factors, it could even fall to $0.85. Cardano got pretty close to that level in yesterday’s trading session, raising the possibility of further losses if the downward trend continues.
However, if ADA can bounce back above $0.99, it could set the stage for a recovery. Reclaiming this support would allow the cryptocurrency to target $1.13 as its next resistance level. Such a move could shift the outlook from bearish to bullish and give investors hope for a turnaround.