Presently, ADA is displaying weakness as it struggles to stay below $0.35.
According to Lingrid, ADA's value can drop below $0.30 or perhaps lower.
According to FinancialFreedomGoals, ADA's value will fall 33% to $0.2197.
After dropping as low as $0.3147 three days ago, Cardano (ADA) made a strong comeback on Monday, regaining about 11% of its loss to $0.3484. However, this spike is quickly fading as Cardano struggles to maintain its upward trajectory.
With a rise of 4.55% the previous day, ADA is already approaching the critical $0.3544 milestone. On a daily time frame, ADAUSDT is a bearish indicator. It seems to be in a consolidation stage, however, since the general crypto market has been moving sideways. The price has created a range below the 0.35 resistance level, thus it may drop to retest the support zones.
"Lingrid Thinks Cardano (ADA) Is a Good Short"
According to Lingrid's most recent analysis, ADA seemed to be in danger as it drew near and consolidated below the crucial $0.35 support level. According to the expert, the cryptocurrency market as a whole is still in a sideways trend, and as ADA has not broken out of its current range, it is under more downward pressure.
From a daily perspective, Lingrid saw that ADA is now locked in the $0.30 to $0.34 range. It is common for the market to show lack of confidence in either direction when a doji candle forms on the daily chart. According to Lingrid, if this is the market's desired outcome, then support levels around $0.325 or thereabouts might be retested.
The sentiment remains pessimistic, regardless of whether traders see opportunities if the price settles inside the present range.
In addition, ADA might fall even farther into the $0.30 area if it can't hold above the $0.325 support, according to Lingrid's study. And lastly, Lingrid only flashed ADA a brief signal.
The market experts have projected a 33% decline in ADA, to $0.2197.
In her examination of ADA, analyst FinancialFreedomGoals provided yet another very gloomy price forecast. According to her, Cardano is among the several cryptocurrencies stuck in a bear market.
Amidst increased trading activity, ADA has just broken out of its rising wedge, albeit the outcome may not have met everyone's expectations.
According to the data, Cardano is consolidating its recent losses on the daily chart by bridging the gap between the EMA200 and the bearish trendline. Prior to its breakout, a rising wedge pattern was crushed by a series of powerful bearish candlesticks.
As an extra flourish, the MACD has thrown in a bearish crossover just for fun. Cardano just took a dive, releasing itself from the rising wedge and seeing an increase in trading volumeânot exactly what the bulls were hoping for.
To make matters worse, the MACD line fell below the signal line, indicating that negative sentiment was intensifying.
