Cardano’s Rally Comes to an End as Bears Take Control
Over the past week, ADA has experienced a 15% drop in value, bringing it to a crucial support level at $0.46. While the price has seen a bounce from this level, it remains uncertain whether buyers will be able to regain control.
Momentum Indicators Point to Further Correction
The MACD and RSI indicators are both showing downward trends. If the current bounce results in a lower high, it could indicate the beginning of a larger correction. It is crucial for ADA to hold its key support level in order to avoid further declines. Breaking the resistance at $0.60 would be necessary to shift the current bearish bias.
Bearish Signal from MACD
This week, the 3-day MACD indicator made a bearish cross, signaling potential lower levels for ADA in the future.
Bearish Bias for ADA
The overall bias for ADA is currently bearish.
Short-Term Prediction for ADA Price
It is important to monitor the key support level at $0.46 closely. If buyers are unable to keep ADA above this level, the next significant support can be found at $0.40.
Hot Take: Cardano Faces Bearish Pressure as Rally Ends
The recent decline in ADA’s value and the bearish signals from momentum indicators suggest that Cardano may be entering a corrective phase. It is crucial for ADA to hold its key support level and break resistance in order to reverse this bearish trend. Traders should closely monitor these levels and market conditions to make informed decisions about their ADA holdings.
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