Cardano Faces Uncertainty Post-ByBit Hack: Can It Maintain Key Support at $0.74?
The post Cardano Faces Uncertainty Post-ByBit Hack: Can It Maintain Key Support at $0.74? appeared on BitcoinEthereumNews.com.
Cardano (ADA) has demonstrated resilience amid the recent Bybit hack, raising questions about its future price trajectory. Despite market turbulence, ADA has managed to maintain its position above critical support levels, showcasing a potential for price recovery. According to COINOTAG, analysts note that ADA’s response to the current market conditions will be pivotal for its future performance. Cardano remains stable post-Bybit hack, holding key support levels. Traders anticipate future price movements amid fluctuating market dynamics. Current price momentum In the wake of the Bybit incident, Cardano experienced a 4% decline, with prices settling around $0.76. Notably, trading volume increased by 50%, indicating a rise in trader activity despite the downturn. All about its price action The price action of ADA has seen it revert towards a support level defined by a long-standing ascending trendline, a trend first established back in February 2025. This trendline has historically acted as a catalyst for price rebounds. Recent price charts indicate that every time ADA has touched this trendline over the past three weeks, it has seen subsequent price increases. Source: TradingView This trend indicates significant investor interest, with many traders forecasting further upward momentum for ADA. According to COINOTAG’s technical analysis, the current market scenario places ADA in a critical position, forming an ascending triangle pattern, supported by both the ascending trendline and a horizontal support at $0.745. However, fluctuating market sentiments complicate predictions of whether ADA’s price will rally or decline. Technical analysis and price prediction Currently, ADA’s Average Directional Index (ADX) indicates a value of 16, reflecting weak momentum that may be hindering its recovery. Furthermore, ADA is trading beneath the 200 Exponential Moving Average (EMA), contributing to its sluggish performance. Assuming ADA can maintain its position above the $0.745 threshold, there exists a potential for a 10% increase, targeting the…
Filed under: News - @ February 22, 2025 5:18 pm