Cardano Price Holds Above $1 After Facing a Hack
Cardano’s price has been trading sideways in recent days, settling above $1. Despite avoiding a major drop, altcoins are showing signs of waning bullish momentum.
Investor optimism, once strong, has waned as ADA struggled to gain momentum. This shift in sentiment is creating uncertainty about its near-term trajectory.
Cardano faces hacker attack
Investor sentiment rises for first time in more than a month cardano turned negative. Optimism surrounding ADA has waned, raising concerns about its ability to maintain current price levels.
Amid the negative sentiment, the Cardano Foundation’s X account was hacked on Sunday. Hackers posted false claims about SEC lawsuit Solana. Although the account was quickly restored and the post was deleted, the incident did not have a direct impact on ADA’s market sentiment.
Cardano’s macro momentum has also shifted downwards, as technical indicators indicate. The MACD (Moving Average Convergence Divergence) showed a bearish crossover over the weekend. This suggests that ADA may face potential declines in the near term.
A bearish MACD crossover is often a precursor to lower prices, especially if trading volume is weak.
The lack of strong bullish signals further highlights the challenges facing the market cardano. Without a significant uptick in momentum, altcoins may find it difficult to break above key resistance levels. This macro outlook suggests that ADA’s price may remain under pressure unless broader market conditions improve.
ADA Price Prediction: Remain Steady
cardano It is currently trading at $1.17, just below the $1.20 resistance. Successfully converting this resistance into support could pave the way for a move higher towards $1.32. To achieve this, bullish momentum needs to be revived on the back of increased trading volume and positive sentiment.
If the bullish momentum fails to materialize, ADA could drop to the key support level at $1.01. A rebound from this point could lead to consolidation, keeping the altcoin range-bound. A prolonged consolidation could delay a significant price recovery, adding to investor uncertainty.
On the other hand, a break above $1.32 could invalidate the bearish thesis. The move would signal new power ADAmay attract more buyers and push altcoin prices higher.
Disclaimer
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