$ADA 🔴💦CARDANO (ADA) PRICE DROPS 8%: Is a Recovery Still Possible❓💦
Recent Price Drop: In the past 24 hours, Cardano’s ADA token has dropped by 8%, bringing its market cap down to approximately $32 billion. This decline is part of a larger downtrend, where ADA has fallen over 13% in recent weeks.
💥SIGNALS OF STRONG DOWNWARD
👉A recent "death cross" and a rise in the Average Directional Index (ADX) confirm that the downtrend is strengthening. The ADX has reached 23.2, indicating a strong trend.
👉This change in ADA’s ADX suggests the price is firmly in a downtrend, with sellers in control.
💥BEARISH MARKET INDICATORS
👉The Ichimoku Cloud chart shows a bearish setup, as ADA is trading below the cloud, signaling strong downward momentum
👉The red cloud ahead indicates continued resistance, which suggests the possibility of further price declines.
💥ADA’s PRICE PREDICTIONS:
👉ADA is currently trading between the resistance level of $0.95 and the support level of $0.87.
👉If the downtrend continues and $0.87 is broken, ADA could fall to the next support at $0.829. If this is also breached, ADA could decline further, potentially reaching $0.76.
👉However, if ADA manages to regain bullish momentum, it could push towards the $0.95 resistance again. Breaking this could take ADA to $1.03, with potential targets of $1.11 and $1.16.
💥CONCLUSION
ADA is currently under bearish pressure, with a strong downtrend in play.
However, there’s still hope for a recovery if ADA can regain bullish momentum and break through key resistance levels.
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