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Cardano (ADA) Price Prediction for April 9
As the cryptocurrency market continues to be affected by the ongoing tariff wars, it’s essential to examine the current state of the Cardano (ADA) price. The recent market fluctuations have led to a significant drop in ADA’s value, which has sparked concerns about its future prospects.
The data from CoinMarketCap reveals that ADA has lost over 24% of its value in the past month. Furthermore, it has failed to hold on to a key support level at $0.64, which has previously triggered price reversals and rebounds. According to our technical analysis, we believe that ADA is poised to continue its downward momentum.
The four-hour chart indicates that ADA may be moving in an uptrend, with the asset taking support from an ascending trendline. However, a closer examination of the data reveals that this trend may be short-lived.
Our prediction suggests that if ADA falls further and closes a four-hour candle below the trendline support, it’s possible for the asset to decline by 20% in the coming days. This could put it at the $0.43 level.
It is worth noting that the current market momentum indicates that investors and traders are increasingly betting against ADA. According to Coinglass data, we have observed a significant increase in short positions, with over $16 million being placed on the asset’s decline.
Source: https://coinpedia.org/price-analysis/cardano-ada-price-prediction-for-april-9/
