Cardano Drops Below $0.70 as Crypto Market Crashes

The crypto market continues its downward spiral, with Cardano (ADA) plunging below $0.70. Currently trading at $0.66, ADA has lost 10% in the past 24 hours

Cardano (ADA) price crashed on Monday evening as the crypto market sell-off continued following a hack on Bybit. Currently, ADA trades below $0.70, down over 10% in 24 hours. If the selling pressure continues, analysts warn that ADA could drop to as low as $0.40 in the coming days.

Cardano (ADA) price dropped on Monday evening as the crypto market sell-off continued. After rallying to highs of nearly $1 last week, ADA has crashed by over 30% from these highs. If this trend continues, analysts now believe that ADA could fall to as low as $0.40 in the coming days.

Cardano Price Analysis

After rallying to highs of nearly $1 last week, ADA encountered strong resistance at this level. This led to a sharp sell-off on Monday, with ADA crashing by over 10% in 24 hours. Currently, ADA trades at a price of $0.66 on Bitget.

ADA/USDT 1-day chart - Bitget

If the selling pressure continues, ADA could drop to key support levels at $0.60 and $0.50. However, if ADA fails to hold at these levels, the coin could crash to as low as $0.40 in the coming days.

Several major factors could influence ADA's price in the coming days or weeks. These include the U.S. SEC's decision on crypto ETFs, the macroeconomic climate, and any further developments regarding the Bybit hack.

Here's a look at some of the key factors impacting ADA’s price:

SEC ETF Delays: Investors are watching closely as the U.S. SEC continues to delay the approval of key crypto ETFs. This uncertainty is affecting buying activity and contributing to the overall market weakness.

Profit-Taking from the Previous Bull Market: Traders are selling off assets to secure profits, which is increasing selling pressure on major altcoins like Cardano.

Bybit Hack Shakes Market Confidence: A massive $1.4 billion hack on Bybit has left investors rattled, prompting panic selling across the market. Security concerns often lead traders to exit positions quickly to minimize risks.

Cardano Price Prediction: How Low Can ADA Go?

If the selling pressure continues to mount, ADA could drop to several key support levels. These levels are as follows:

$0.60 – This level acted as strong support during ADA's previous downtrend in May and June. If ADA fails to hold at this level, it could indicate a deeper sell-off.

$0.50 – This level marks the 200-day Moving Average (MA), which has provided critical support for ADA in the past. If ADA loses this level, it could open up the possibility of a drop to $0.40.

$0.40 – This level marks the lower boundary of ADA's trading range since March 2023. If ADA fails to hold at this level, it could indicate a drastic shift in market sentiment.

Cardano's future price trajectory remains uncertain as macroeconomic factors and regulatory concerns continue to affect the entire crypto market. If Bitcoin and Ethereum prices continue to fall, ADA could experience even more downside in the coming days.