Cardano Needs to Hold Above $0.8000 Support
Cardano (ADA) is down 7.1% to $0.8217, underperforming Bitcoin (BTC), which gained 2.1% to $112,934. The sharp drop came without a clear trigger on Monday and looks even more unusual against the backdrop of new all-time highs in stock indexes. Analysts point to the liquidation of long positions as a possible cause, while investors remain cautious ahead of Fed Chair Jerome Powell’s remarks on Tuesday after his hawkish tone last Wednesday. If Powell repeats his hawkish stance, ADA could come under renewed pressure and test support levels. In a more favourable scenario, with dovish guidance and a rebound in the broader crypto market, ADA could recover toward $1.0000 and potentially extend its move to $1.2000.
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