Cardano is clearly having some serious issues, with ADA struggling to maintain its bullish market pace and moving below the 50 EMA resistance level. Additionally, ADA never broke through the 200 EMA in the first place, which puts it in the category of the most poorly performing assets during this bull run.
From the chart, Cardano is grappling with immense resistance coming from the 50 EMA, the 100 EMA and the 200 EMA. This convergence of moving averages in such a bearish place offers a warning of a consistent continuation of the downtrend and weakness in the bullish momentum. Currently, the price is hanging out around this $0.45 level — a very important area of support for Cardano. A breakdown below this level could trigger further declines.
