Over the past few months, Cardano‘s price trend has been quite comparable to that of Bitcoin, and at present, it appears to be accumulating or stabilizing near the $1 value range.
Yet, if BTC corrects in the coming weeks, ADA will likely perform even worse.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the chart for pairs involving USD Tether (USDT), the asset appears to be holding steady near the $1 value following a rejection at the $1.3 resistance point previously.
Currently, the price is trending downward and may reach the $0.75 resistance point, potentially falling below it and aiming for the 200-day moving average, approximately at $0.55.
The BTC Paired Chart
The graph comparing ADA and BTC reveals a similar trend, as the price has remained stable for several months. But if the 900 Satoshi level gives way on the downside, there might be a continued drop towards the 200-day moving average near the 700 Satoshi point, and potentially even lower.
Given that the general direction of the cryptocurrency market and Bitcoin appears to be bearish in the near future, it’s possible that Cardano (ADA) may experience a sideways or downward trend.
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2025-01-09 16:08