Cardano's price recently fell 11% within 48 hours, dropping to around $0.35. This marks the second time in a month the altcoin has failed to close above $0.40.
Despite the decline, there's still an opportunity for recovery. If Cardano can rise above $0.37, about $1.1 billion worth of ADA could return to profitability.
Investor sentiment and low panic selling indicate confidence in Cardano's long-term potential, with many opting to 'HODL' their positions.
If Cardano defends the $0.34 support level, there's a strong chance of bouncing back and converting $0.37 into a support level, which could drive bullishness.
If ADA fails to break the $0.37 resistance, it may struggle to gain upward momentum, risking more significant losses if it drops below $0.34.
