ADA price prediction – Can it recover or is $0.56 next?
The post ADA price prediction – Can it recover or is $0.56 next? appeared on BitcoinEthereumNews.com.
Journalist Posted: February 27, 2025 Cardano was down 50% from its December peak of $1.3. At press time, ADA’s price hit a pivotal point, but demand was still weak. Cardano’s[ADA] weekly losses topped 12% as bearish pressure continued following Bitcoin’s [BTC] drop below $90K. Even the Grayscale Cardano ETF acknowledgment didn’t induce much demand, reinforcing macro uncertainty as a key risk factor for the altcoin and broader market. However, the slight 2% drop in Bitcoin dominance was positive news, which could offer relief to altcoins, including ADA. So, what does price action imply? Cardano hits pivotal level Source: ADA/USDT, TradingView At the time of writing, Cardano was down 50% from its December peak of $1.3, marking a multi-month downtrend channel (white). The current price action retested the channel’s range low, which also doubled as a bullish order block (likely support, cyan) at $0.69. However, technical indicators show mixed signals. The daily RSI is below a neutral level, indicating muted demand. But the Chaikin Money Flow (CMF) flipped positive, suggesting improved inflows. Simply put, ADA bulls could attempt to defend the range-low, if BTC recovers. On the contrary, a sustained sell-off could drag ADA to $0.56, the first cool-off zone after the post-US election upswing. ADA’s speculative interest drops Source: Coinglass ADA’s weak demand was also evident in the Futures market. The altcoin’s speculative interest dropped over 60% from $1.48B in January to $555M, at press time. This meant investors withdrew money from the derivatives market, a bearish signal. From a liquidity perspective, there were four key pockets of liquidity (bright yellow) worth tracking. The levels were $0.78, $0.75, $0.7 and $0.62. Source: Coinglass The $0.78 aligned with the channel’s mid-range level, while $0.62 coincided with the range lows. In case of a liquidity sweep, the altcoin could fluctuate between these…
Filed under: News - @ February 27, 2025 1:27 am