Global economic anxieties, recession fears in the US, and escalating trade conflicts are significantly impacting the cryptocurrency market. Bitcoin has fallen below $77,000, representing a decline of over 10% from its recent peak near $90,000. Altcoins, including Ethereum, XRP, Solana, and Dogecoin, are experiencing even steeper drops, mirroring the broader market uncertainty.

Coinglass data reveals over $1 billion in crypto liquidations within the past 24 hours, highlighting a widespread sell-off. This sharp downturn is largely attributed to intensifying US-China trade disputes and the consequences of recent tariff decisions. Cardano (ADA) is also under pressure, its price falling to $0.55 – a 13% decrease – amidst the general market decline.

Analysts suggest ADA is facing increasing bearish pressure, with its price exhibiting signs of breaking down from its current triangle pattern. The crucial support level to monitor is $0.51, a level already tested. A breach below this could trigger a substantial fall towards the October-November lows around $0.35, potentially representing a 30% drop from current levels.

Shorter-term price analysis reveals a double-bottom pattern for ADA, however, the probability of a bullish reversal remains low. Recent price action suggests a corrective phase, with the current downtrend resembling an ending diagonal pattern. This suggests ADA could experience further declines, potentially completing a third wave down before any substantial rebound.

The absence of strong bullish rallies from recent lows reinforces the bearish outlook. ADA has struggled to reclaim the $0.673 mark, the last significant swing high. Until ADA surpasses this level with a strong five-wave move, market sentiment is expected to remain cautious.