📊 Cardano ($ADA ) Price Slumps Below $1 for First Time in Weeks

Cardano (ADA) price is currently trading below $1 for the first time since November 26, reflecting its ongoing downtrend. The ADX has risen to 41.2, confirming the strength of this bearish trend, as ADA continues to face pressure with a D- at 33.2 and D+ at 6.2.

Additionally, the Ichimoku Cloud has turned red, further signaling a bearish outlook, with ADA now positioned below the cloud. This technical setup suggests that ADA could experience continued downward pressure, potentially testing lower support levels in the near future.

🔸 #ADA Downtrend Is Strong

Cardano ADX has risen to 41.2, up from around 19 two days ago, indicating that the trend is gaining strength. Despite this, ADA remains in a downtrend, with its D- at 33.2 and D+ at 6.2.

The increasing ADX shows that the trend is becoming more defined, but the dominant negative momentum suggests further downward pressure on the price.

ADX (Average Directional Index) measures the strength of a trend, with values above 25 signaling a strong trend. ADA current ADX of 41.2 confirms a strong trend, but the higher D- compared to D+ means the downtrend is leading.

This could result in continued declines unless a shift in momentum occurs.

Ichimoku Cloud Shows A Bearish Outlook For Cardano

ADA price is currently under the Ichimoku Cloud, which is turning red, indicating a bearish outlook.

This suggests that ADA’s recent upward momentum has weakened, and it could face further downward pressure in the near future.

With #Cardano price being below the cloud, coupled with the red color, typically signals that the market is in a bearish phase and that further declines are possible.

Given the current setup, if ADA continues to trade below the cloud, it may face increased selling pressure. The immediate support could be around the cloud’s lower bound, and if this level fails to hold, ADA could drop further.