Cardano Price Slides 5%, Is ADA Rally to $1.5 Still on Track?

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Cardano Price Slides 5%, Is ADA Rally to $1.5 Still on Track？

Cardano (ADA) has seen its price slip to $0.79, corresponding to a 5.16% drop within 24 hours.

• Instead of fundamental news, technical factors are believed to be responsible for this recent decline.
• The next 24-48 hours will determine whether the ADA price pullback will extend toward stronger support levels or not.

In the early hours of July 29, Cardano

saw its price drop to $0.79, corresponding to a 5.16% decline within 24 hours. Some technical factors are believed to be responsible for this recent decline in ADA price, rather than fundamental news. Analysts developed this explanation after considering that no significant event had occurred in the Cardano ecosystem over the past week.

Lack of Fundamental News Leaves Technical Analysis as Catalyst of ADA Price Action

The previous day, ADA price was sitting at $0.86, but the 5.16% dip took it to $0.79, representing a classic retracement within the broader uptrend. According to market dynamics, crypto enthusiasts entered a profit-taking phase immediately after the commencement of Cardanos recent rally. Even the ADA/USDT pair recorded increased selling pressure around the $0.86 resistance level.

The absence of key events, which could have served as fresh catalysts for a bull run, has led analysts to attribute the recent ADA price action to overheating. Per the current outlook, traders are now focused on key support and resistance zones.

A look through the technical analysis suggests that there is mixed sentiment for ADA, but the major portion is showing “strong bullish” signs. The price action indicates that there are still prospects for short-term correction. Amidst this slight setback, it is worth noting that ADA has been resilient this July.

Precisely, it has registered a 29.81% gain for July, making it the best-performing month thus far this year. With the price above the 9-Day Moving Average, the bullish momentum is still sustained.

Its not yet certain whether the ADA price will reach $1.5, but if the pullback extends toward stronger support levels, a lower low may be recorded. If bulls can defend the current price, the coin is likely to resume its upward trajectory.

CoinMarketCap data shows that ADA is now trading at $0.8081, with only a 5.16% price drop over the last 24 houŕs. ADAs 24-hour trading volume is up by only 4.87% to $1.2 billion, while its market capitalization stands at $28.54 billion. Notably, ADA remains the tenth-largest cryptocurrency by market cap.

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