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ADA has been in a serious correction recently, and the price is moving around $0.25. The price, which was around $0.266 at the beginning of last month, has now declined by approximately 6%. As market analyst Ali Martinez pointed out in his latest shares, if this downward trend continues, there are three critical support zones to watch.
The first level to pay attention to is just below the current price, around $0.245. In February, ADA tested this zone several times and each time recovered strongly due to buyers' robust defense. If this level is broken, the next significant support is at around $0.112, and a drop to this level would mean a 55% decline from the current level. If market stress increases, even the $0.051 level, which has not been tested since May 2020, could come into play.
Developments indicate that ADA has decreased by 1.7% in the last 24 hours, and open positions have fallen to approximately $437 million. Liquidations are ongoing; yesterday, ADA positions worth $1.4 billion were closed. However, futures trading volume has slightly increased to $985 million. Technically, if the $0.245 support level is maintained, the price could rise toward the $0.538 resistance zone. For now, the market remains cautious, and the broader crypto market's pressure continues to affect ADA.