- Cardano price is poised for an 8.3% drop amid market-wide correction and escalating geopolitical tension including the strait of Hormuz.
- According to Santiment, wallets holding at least 10 million ADA increased to 424.
- A sharp decline among the daily exponential moving average (20, 50, 100, and 200) indicate bearish market sentiment.
ADA, the twelfth largest cryptocurrency by market cap is down 3.7% during Tuesday’s U.S. market hours to trade at $0.239. This sell-off aligns with recovery slowdown in the broader market as geopolitical instability remains high. Despite the uncertainty, Cardano’s derivative market showcased an initial sign of building leveraged positioning in futures contracts, signaling a potential for directional trend.
Crypto Markets Slips Due to Geopolitical Instability
On April 15th, the crypto market witnessed a slowdown in recovery momentum as the geopolitical instability continued to pressurize the investors sentiment. As a result, Bitcoin reverted from $76,000, while the second-largest cryptocurrency also faced overhead supply at $2,400.
As the selling pressure accelerated into the altcoin market, the Cardano price plunged over 3.7% to trade at $0.239, while its market cap hit $8.68 billion
Cardano Price Seeks Support at Multi-Year Floor
ADA cryptocurrency by Cardano has reverted to the price zone of $0.243, which has been the key technical reference point in the past years.
The three-day chart shows a sharp drop off of the highs around the year 2025, the token currently trading at the bottom of the long-term range. This region is one that has brought about sudden recoveries in cases of buyer intervention.
A long-term lower close below the levels of $0.243 would be considered a major technical breakdown which would possibly clear the way to the 2025 lows near to $0.10. The asset is still experiencing pressure in this support area.
