Cardano's Price Drops 13% Amid Global Economic Tensions

Cardano's price has been under significant pressure, falling to $0.55, which represents a 13% drop. This decline is part of a broader market sell-off driven by escalating global economic tensions, fears of a US recession, and intensifying trade conflicts. The crypto market as a whole is experiencing a severe downturn, with major cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Dogecoin also seeing sharp declines.

According to experts, Cardano (ADA) is under increasing bearish pressure. Its price is showing signs of breaking down from the current triangle pattern, with the crucial support level to watch at $0.51. ADA has already tested this point, and a break below this threshold could trigger a sharp decline toward October-November lows around $0.35, marking a potential 30% drop from current levels.

On a smaller time frame, ADA’s price structure reveals a double-bottom pattern, but the likelihood of a bullish reversal remains low. The recent price action suggests a corrective phase, with the current downtrend resembling an ending diagonal pattern. This indicates that ADA could drop further, possibly completing a third wave down before any significant rebound.

The absence of strong bullish rallies from recent lows adds to the bearish outlook. ADA’s price has struggled to reclaim the $0.673 mark, which was the last significant swing high. Until ADA breaks above this level with a strong five-wave move, the market sentiment will remain cautious.