Cardano (ADA) has dropped below key levels, trading around $0.71 after a 5% single-day decline, reflecting weakness in the altcoin market due to macroeconomic uncertainty and Bitcoin dominance.
Technical indicators suggest ADA could drop further to $0.35 as it broke below trendlines and moving averages, with $0.60 and $0.40 identified as potential support levels.
Despite the bearish outlook, Cardano's fundamentals remain strong, with factors like potential ETF approval, DeFi integration, and bullish chart patterns potentially driving a reversal in its price.
Mid-term forecasts for ADA in 2025 vary, with some analysts predicting trading ranges between $0.80 to $1.10, while others suggest targets of $1.30 to $2.60. However, failure to hold support levels could lead to testing $0.40 or even $0.35.