Cardano Slides Toward $0.27 After Bitcoin Falls Below $70,000
A Bitcoin slide below $70,000 accelerated selling, leaving ADA to test fragile support near $0.27.
Overview
- ADA traded around $0.27–$0.28 on February 5 after a weekly drop of more than 15%, with intraday lows near $0.26.
- Bitcoin’s break under $70,000 triggered sector-wide liquidations, and Glassnode reported a sharp spike in forced selling.
- Binance ADA futures open interest fell to $90.21 million, the lowest since November 2024, while CoinGlass shows a long-to-short ratio near 0.95.
- Technical signals remain bearish with the daily RSI near 30, a January 18 MACD bearish crossover intact, and price below key short-term EMAs.
- Traders cite $0.32 as near-term resistance and $0.27 and $0.24 as support, with some analysts warning a drop toward $0.20 is possible if selling accelerates.