Cardano has been dropping quickly in value and currently stands at $0.0880 with a market cap of $2.7 billion, which has also seen a drop from $3.16 billion in the last 24 hours. No longer in the top-10 ranks, ADA’s journey south does not seems to be over yet.
Cardano 1-day chart
The one-day chart for Cardano showed that the price had breached 0.5 Fibonacci level at $0.09449. The subsequent drop to 0.618 Fibonacci level at $0.07622 seems likely, however, a further drop can be possible considering bitcoin’s trading at the $10,000 level. Although a drop to 0.786 Fibonacci level is possible, there are supports between 0.618 and 0.786.
The zone between 0.618 and 0.65 Fibonacci is known as the golden pocket and we might see ADA go sideways in this zone [$0.076 to $0.0712].
Although indicators for Cardano are indicating a bounce from here, they have to be neglected for the time being as bitcoin’s drop will push altcoins to follow it.
Hence, the initial targets for ADA include $0.07622 at a 13% drop from the current price. This will be followed by $0.0712, which is an 18% drop and finally a 42% drop