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Cardano faces significant resistance at $0.90, limiting short-term upside potential. ADA’s RSI at 39.33 suggests oversold conditions, signaling possible price rebound. Sustained outflows reflect bearish sentiment, keeping Cardano’s price below $0.90. Cardano (ADA) has seen a significant price drop, with the token losing nearly 10% in value in just one day. This brings the price down to $0.8854, raising concerns among investors about the coin’s short-term prospects.  Despite the ongoing decline, several key factors could act as catalysts for a future surge in Cardano’s price. These include the broader Bitcoin market recovery and Cardano’s upcoming scaling solution launch. Additionally, Cardano’s integration with BitcoinOS could open the door for a bullish reversal, but there are several hurdles to overcome first. Analyzing Price Trends and Market Sentiment The recent price drop is a clear indication of a bearish market sentiment around Cardano. From a high of $0.9827, the price has plunged to $0.8854, marking a steep decline in the token’s value. This sharp downward trend is evident on the price chart, showing no immediate signs of reversal.  One possible explanation for this decline is a combination of market-wide sell-offs and specific news impacting Cardano. Investors are cautious, and this uncertainty has led to increased selling pressure, fueling the current downturn. Related: Institutional Focus Turns to ADA: Cardano ETF Prediction Key Support and Resistance Levels As ADA continues to trend downward, spotting key support and resistance levels is crucial for understanding the potential for future price movements. Immediate support for Cardano is around the $0.88 mark. A breakdown below this level could signal further losses, with the next support target at $0.85 or even lower.  On the upside, ADA faces resistance near the $0.90 level, a psychological barrier that could act as a tough hurdle for the price to overcome. If the price…

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Filed under: News - @ January 27, 2025 6:19 pm