Cardano loses two key levels, risking a drop of 20%

Cardano remained under pressure and fell below the key levels of support because the CRIPTO SALE continued.

Cardano (Ada) The token fell at lower than $ 0.70 on Sunday, over 47% from its highest level in December last year.

The fall is a mirror about the adoration of other Altcoin. For example, a polkadot (Dot) fell to $ 4.75, to over 60% from its highest level in December. Similarly, LANK LANGA (Link) has fallen by 40% of its December High.

Cardano’s crash also happened when the feeling of fear expanded in the crypt industry. The carefully observed cryptic fear and greed index dropped to the fear zone of 35, a sign that investors are on margins.

Cardano’s ecosystem is also not doing well. Defi Llama The data show that the total value is locked in its Defi The ecosystem fell to 350 million dollars, making it smaller than blockchain networks like a mantle, Cronos, Circuit and Berachain.

Significantly, Cardano has a small market share in the station industry, because his market hat moved to 22.48 million dollars. This is significantly smaller than the market share of other chains such as Trone, Ethereum and near Protocol.

Cardano’s network also doesn’t make enough money. The data show that the ecosystem income was only 1,236 dollars, a small digit for the crypt network worth over $ 30 billion. Cardano has only 25,460 active addresses.

Cardano Forecast

The daily shows that the price of the Ada remained under pressure in the last few months, crossing $ 1,3068 in November to $ 0.70. He fell under important levels of support, including 50% of the Fibonacci Spot Retragul to $ 0.80.

Cardano also fell under the 200-day average at $ 0.7230. Loss of 200E levels are often seen as a large red flag in technical analysis. Also, the coin shifted below the key support at 0.7610 dollars, the lowest swing in December and the dual-top $ 1,1630 decollet. The double top is a very popular bear sign of craftsmen.

Therefore, the price of Cardano can remain under pressure, and the next point to watch is that last week is lower than $ 0.5597. Such a move would be a 20% drop from the current level.

Bear view will become invalid if the price moves above the resistance point to 0.7610 USD.