Cardano (ADA) Faces Breakdown Risk – Will It Hold $0.70?

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Cardano (ADA) is facing a tough time, dropping 7% in the last 24 hours and hovering around $0.70. This sharp decline puts it on the verge of breaking below its key consolidation range of $0.70 to $0.74. If that happens, we could see a further dip of 10%, taking ADA down to $0.62.

The bearish momentum is strong, with ADA now trading below the 200-day Exponential Moving Average (EMA) – a clear signal that sellers are in control. The broader crypto market isn't helping either, as Bitcoin and Ethereum’s struggles continue to drag ADA down.

Traders are betting big on the downside. Short positions at $0.72 amount to a hefty $12 million, while bullish support at $0.67 is weaker, sitting at $7.1 million. With such an imbalance, a major move is inevitable.

The big question is: Will ADA break down further, or can the bulls step in to defend support? 

Keep an eye on these levels as the market prepares for its next decisive move.

Stay tuned for more updates!

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