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The crypto market is reeling from the aftermath of rising global economic tensions, fears of a US recession, and intensifying trade conflicts. Bitcoin has dropped below $77,000, losing over 10% from its recent high of nearly $90,000. Altcoins like Ethereum, XRP, Solana, and Dogecoin are experiencing even sharper declines, reflecting widespread market unease.
Data from Coinglass shows more than $1 billion in crypto liquidations over the past 24 hours, showing a severe sell-off across the board. This sharp downturn is largely driven by escalating US-China trade disputes and the fallout from President Donald Trump’s latest tariff moves. Cardano is also under pressure, with its price falling to $0.55—a 13% drop—amid the broader market sell-off.
According to experts, ADA is under increasing bearish pressure, with its price showing signs of breaking down from the current triangle pattern. The crucial support level to watch is at $0.51, and ADA has already tested this point. A break below this threshold could trigger a sharp decline toward October-November lows around $0.35, marking a potential 30% drop from current levels.
On a smaller time frame, ADA’s price structure reveals a double-bottom pattern, but the likelihood of a bullish reversal remains low. The recent price action suggests a corrective phase, with the current downtrend resembling an ending diagonal pattern. This indicates that ADA could drop further, possibly completing a third wave down before any significant rebound.
The absence of strong bullish rallies from recent lows adds to the bearish outlook. ADA’s price has struggled to reclaim the $0.673 mark, which was the last significant swing high. Until ADA breaks above this level with a strong five-wave move, the market sentiment will remain cautious.