👀 Today, December 22, 2024, the overall cryptocurrency market is struggling, while Cardano (ADA) is poised for a notable price decline after forming a bearish price action pattern. Amid this mild bearish market sentiment, traders and investors appear hesitant to participate in the altcoin, according to the on-chain analytics firm Coinglass.
🚨Cardano (ADA) Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, ADA appears bearish as it has successfully broken down from a head-and-shoulders price action pattern and recently retested that level. This retest of the breakdown level has partially confirmed that ADA is poised for a price decline.
During the same period, its trading volume has dropped by 45%, indicating reduced participation from traders and investors amid the ongoing price decline.
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