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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardanos-price-dynamics-and-bitcoins-influence/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano’s Price Dynamics and Bitcoin’s Influence</a><br></p>
<p style="text-align: justify">Senior cryptocurrency analyst stated that the drop in <strong>Cardano’s (<a href="https://coin-turk.com/altcoin-dirence-carpti-ve-0315-dolara-kadar-dusebilir-en-buyuk-20-kripto-arasinda" data-wpel-link="internal" rel="noopener noreferrer nofollow">ADA</a>)</strong> price on March 5th should not cause panic. According to Gambardello, the drop was necessary for <a href="https://en.coin-turk.com/cardano-ada-dominates-the-market-with-notable-price-consolidation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ADA</a> to reach a higher price in the long term. On the mentioned date, ADA’s price approached $0.80. However, on the same day, <a href="https://coin-turk.com/bitcoin-ayi-piyasasinda-mi-unlu-analistlerden-ilginc-yorumlar-geliyor" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://coin-turk.com/on-chain-verileri-bitcoin-adina-hangi-yone-isaret-ediyor-cryptoquant-guncel-metrikleri-paylasti" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) reached its all-time high of $69,000.</p>
<h2 id="bitcoin-s-impact-on-ada">Bitcoin’s Impact on ADA</h2>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/anthony-scaramucci-predicts-bitcoin-could-surpass-170000-by-2025/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a></strong> couldn’t maintain its high level for long and later fell back to $61,000. But <a href="https://en.coin-turk.com/bitcoin-to-reach-all-time-high-before-a-major-crash-predicts-analyst/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a> wasn’t the only cryptocurrency affected. ADA also experienced a decline, losing 7.84% of its value in the last 24 hours, trading at $0.71. For the analyst, the drop is normal because the <strong>token</strong> had a similar experience when Bitcoin reached its all-time high in 2021.</p>
<p style="text-align: justify">Gambardello added that after this drop, <strong>ADA</strong>‘s price is expected to rise significantly. The analyst’s view follows a $3 price prediction he mentioned a few weeks ago. He also analyzed liquidation levels provided by HyblockCapital. According to the data, there was a liquidity cluster above $0.77, which could indicate that many positions were liquidated at that point. From this perspective, liquidation levels can show estimated price levels where the market could face a large-scale wipeout.</p>
<p><img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-324220 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/ada-2.webp" alt="" width="1386" height="829"></p>
<h2 id="ada-price-analysis">ADA Price Analysis</h2>
<p style="text-align: justify">Sometimes the reason can be high leverage and extreme volatility. Other times, it could be due to insufficient margin balance to keep positions open. When this article was written, CCLD was rising negatively. This occurrence during a sharp decline in <strong>ADA’s</strong> price could indicate that the trend might shift upwards. However, the 4-hour <strong>ADA/USD</strong> chart revealed that bears had pushed the price down to $0.71.</p>
<p style="text-align: justify">Yet, Bollinger Bands (BB) might indicate high volatility. Therefore, ADA could experience high price volatility. If the cryptocurrency’s price recovers, ADA could rise to $0.80 in the short term. However, the token must first convert the $0.73 resistance. A successful breach could bring ADA close to $1. If the attempt fails, ADA’s price could fall, possibly dropping below $0.70 this time.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardanos-price-dynamics-and-bitcoins-influence/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano’s Price Dynamics and Bitcoin’s Influence</a></h5>

Cardano’s Price Dynamics and Bitcoin’s Influence

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