Peter Brandt Reavels What Cardano Price Could Do Next

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As a seasoned analyst with over two decades of experience in financial markets, I have witnessed numerous bull and bear cycles across various asset classes. The recent drop in Cardano‘s price below $1 support level is reminiscent of similar patterns observed during the dot-com bubble burst and the 2008 financial crisis.

Cardano price has dropped below the $1 support level amid a broader crypto market crash. This decline aligns with BTC fall below $100k, signaling bearish market sentiment. Building on the bullish trend from the previous month, the ADA price now seems to be experiencing some pullback. Crypto Analyst Peter Brandt highlights potential further declines as market conditions weigh heavily on the cryptocurrency’s short-term outlook.

Peter Brandt Explains the Next Chapter for Cardano Price Trends

Crypto Expert Peter Brandt has tweeted his bearish outlook on Cardano price, predicting a potential significant price decline. Highlighting a “head-and-shoulders” pattern on a recent chart, Analyst suggests that ADA price could dip to $0.91. 

The examination suggests that ADA is struggling to sustain its uptrend, with the present market conditions indicating a growing intensity of sellers.

The price of Cardano experienced a squeeze following the Federal Reserve’s conclusion of their December meeting, where they implemented a 0.25% reduction in interest rates. Although the third consecutive cut aligned with expectations, suggestions of fewer cuts in 2025 sparked bearish waves across the cryptocurrency market. Bitcoin fell beneath $100k, and Cardano hovered close to crucial support points.

On December 2nd, it’s worth noting that massive ADA transactions amounted to approximately $15.8 billion. Yet, it seems whale investors have been less active lately, affecting market mood. Interestingly, by December 18th, large ADA transactions dropped to around $2.9 billion – a substantial decrease of about $13 billion from the month’s peak.

Less whale activity is causing worry about the stability of ADA’s price levels, implying that market unpredictability will persist as we approach 2025.

Can ADA Price Hit $0.5 Following The Bearish Trend?

Currently, at the given moment, the price of ADA is being traded at $0.885, representing a 5% drop over the last 24 hours.

The MACD (Moving Average Convergence Divergence) shows persistent downward pressure on the market. At present, both the MACD and signal lines are in a negative zone, implying that sellers are controlling the market. Yet, a shrinking gap between the bars of the histogram hints at decreasing bearish intensity, possibly indicating a period of consolidation or even a potential price increase.

If the downward trend persists, the estimated value of Cardano might break through its support at $0.8, possibly falling to around $0.7 or even $0.5. On the flip side, if positive momentum gains traction, ADA could surge towards $1 and challenge the significant resistance at $1.10.

The cost of Cardano is under increasing bearish influence, causing analysts to watch key support areas around $0.8 closely. The direction of future movement depends significantly on overall market sentiment, significant investor behavior (whales), and wider crypto market tendencies.

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2024-12-20 21:49