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Cardano (ADA) Loses Crucial Support Amid Market Sell-off, But It’s Not Over Yet
The cryptocurrency market is in a state of turmoil as the prices of most digital assets plummet. Cardano, which had reached a high of $1.32 on December 4, has not been spared from this chaos. The token has lost its crucial support and tumbled to new lows, leaving many investors worried about the prospects of a rebound.
In recent times, Cardano’s daily RSI indicator has fallen below 30, hinting that the cryptocurrency might be oversold and in need of a relief rally soon. As such, it is essential for ADA holders to keep an eye on key technical levels for signs of a potential reversal.
The token’s price action may depend heavily on broader market sentiment in the short term. A recovery in Bitcoin could potentially spark a similar move in Cardano. However, investors will be closely monitoring the cryptocurrency’s performance and critical levels to determine whether it is poised for a turnaround or if the downward trend continues.
If Cardano fails to regain its 200-day SMA as support, it may aim at $1 before targeting $0.50 further down the line.
Source: https://u.today/cardano-ada-loses-crucial-support-amid-market-sell-off-but-its-not-over-yet
