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Cardano ADA is facing pressure, trading at $0.8754, and analysts are focused on the crucial support level of $0.85. Despite ADA’s recent dip, whale accumulation is increasing, with over 20 million tokens being purchased in recent days. Crypto investors and traders are keeping a close watch on Cardano’s native digital asset ADA as the Foundation will be having its annual conference on the last day of 2024, i.e., December 31st. During this event, Cardano will highlight the strategic decisions for the upcoming years, including the budget for 2025. Investors are looking forward to some key details that will drive the next leg of the ADA price rally to the psychological barrier of $1 and beyond. As of press time, the Cardano price is trading 2.2% down at $0.8754 with a market cap of $30.7 billion amid weakness in the broader crypto market. Cardano’s (ADA) upcoming annual conference may provide a stabilizing factor for the token, helping it maintain support above the crucial $0.85 level in the sessions ahead. Market analysts suggest that holding this support is vital for ADA to stage a quick recovery back to the $2 mark. However, persistent selling pressure could push the token below $0.85, potentially triggering a rapid decline toward the next major support at $0.77. Traders are closely watching ADA’s price action as the conference approaches, which could serve as a catalyst for renewed interest and upward momentum. Crypto analyst Ali Martinez highlights Cardano’s (ADA) most critical support zone, ranging between $0.77 and $0.68. This level could play a pivotal role in determining the token’s price trajectory. Source: Ali Martinez Where is Cardano (ADA) Price Heading Next? As per the technical charts, Cardano’s native crypto ADA is showing mid-term bearish sentiments. Thus, ADA might witness faded buyer activity for some more time before a…

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Filed under: News - @ December 30, 2024 5:27 pm