Cardano (ADA) continues its downward trajectory amid the market correction. The asset is down 0.3% in the daily charts, 21.2% in the weekly charts, 25.6% in the 14-day charts, and 31.8% over the previous month. Despite the dip, ADA has maintained some gains in the yearly charts, rising by nearly 50% since February 2024.

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Why Is Cardano Falling?

ADA’s latest correction follows Bitcoin’s (BTC) recent dip to sub-$93,000 levels on Monday. BTC’s dip was likely due to President Trump imposing new tariffs on Canada and Mexico. The Federal Reserve has also not announced an interest rate cut. The Fed’s hawkish stance may have also added to investor woes.

BTC reclaimed the $100,000 mark on Tuesday after the Trump administration paused tariffs for 30 days. ADA also made a slight recovery following BTC’s rally.

BTC has fallen to below $98,000 today as investor sentiment continues to suffer. ADA follows BTC’s downward trajectory.

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Will The Asset Hit $1.64?

According to CoinCodex, Cardano (ADA) will rally over the next few months. The platform anticipates the asset to hit $1.64 on April 16. Reaching $1.64 from current price levels will translate to a rally of about 118%. ADA last traded above the $1.60 mark in November 2021.

Changelly also anticipates ADA to rally over the next few weeks. The platform predicts ADA will trade at $1.50 on March 4. Hitting $1.50 from current price levels will entail a rally of about 102.7%.

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There is also a possibility that Cardano (ADA) will continue to dip. The cryptocurrency market may face another correction if tariffs return. How the crypto performs over the next few weeks will determine ADA’s price in April.