$ADA

ADA
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🔴💦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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