Cardano (ADA) Price May Surge if Bitcoin (BTC) Holds $64K Support
The Key Points at a Glance
The price prediction for Cardano (ADA) shows a possible upward movement if certain conditions are met. A key factor is the defense of the $64,000 support zone by Bitcoin (BTC). Despite a recent downturn in the crypto market, ADA could soon experience a bullish turn, with a potential target of $0.432.
Market Analysis: Cardano in Focus
Cardano has broken through a bearish market structure in recent days, just before Bitcoin also experienced a decline. The liquidation levels suggest that a bullish reversal for ADA is possible in the coming week, provided Bitcoin holds the support at $64,000. After a decline of 8.37% since the rejection at the $70,000 resistance mark, BTC is currently trading at $64,000, which has also increased the pressure on ADA.
Technical Indicators and Liquidation Levels
The technical analysis shows that ADA has been in a steady downtrend since April, as confirmed by the On-Balance Volume (OBV) indicator. The Moving Average Convergence Divergence (MACD) briefly signaled a bullish movement when the price rose above $0.4, but a bearish crossover soon followed. This suggests that ADA is likely to slowly head towards local lows at $0.34. A price reversal could be imminent, especially if accumulation is observed in the $0.34 to $0.4 range along with a rising OBV.
Potential for a Bullish Turn
A look at the liquidation heatmap of the past few months shows that $0.378 is a significant liquidity pool attracting ADA, suggesting that a local low could be near. Similar price actions were observed at the end of June, strengthening the hope for a bullish turn soon. If Bitcoin can defend the support zone at $64,000, this could pave the way for an upward movement of ADA with a target of $0.432.
Our Assessment
Although the crypto market has recently suffered setbacks, the current situation offers a potentially lucrative opportunity for Cardano investors. The defense of the $64,000 mark by Bitcoin could be the key to a bullish turn in ADA. Investors should keep an eye on the mentioned technical indicators and liquidation levels to adjust their strategies accordingly. As always, it is important to conduct your own research and make investment decisions based on a variety of information sources.
Sources: AMBCrypto, Hyblock
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