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Cardano Price Prediction: ADA Slides as Treasury Proposal and Geopolitics Shake Confidence
- Cardano's native token ADA is facing instability following a proposal by founder Charles Hoskinson to convert $100 million worth of ADA into stablecoins and Bitcoin, sparking controversy and raising concerns about trust and decentralization.
- Global market panic due to escalating conflict between Israel and Iran has also impacted ADA's price, leading to sharp declines in the crypto space overall.
- ADA is currently trading at $0.6349, hovering just above the $0.6200 support zone after dropping from highs near $0.72. The 200 EMA at $0.6867 acts as a significant resistance level.
- The Relative Strength Index (RSI) near 36 suggests ADA is in bearish territory, with a potential drop towards the $0.58-$0.60 range if market volatility persists.
- If ADA breaks below $0.6200, it could decline further, but if it holds above and surpasses $0.6500, a recovery towards $0.6867 may occur.
- The current bearish trend is expected to continue unless there is an improvement in market sentiment or clearer support for the treasury proposal within the community.
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