📊 Cardano (ADA) has dropped over 24% in the past month, losing its key support at $0.64. This level previously acted as a rebound zone, but ADA recently closed a daily candle below it, signaling extended bearish momentum.
📉 Technical indicators show ADA trading below the 200 EMA on both 4H and daily charts. While the short-term chart shows a slight uptrend along an ascending trendline, a breakdown below this trend could send ADA toward $0.43—a potential 20% drop.
📉 At the time of writing, ADA trades around $0.575, down 2% in 24 hours. Trading volume has dropped by 15%, pointing to weaker market participation and uncertain sentiment.
💰 According to Coinglass, bearish bets are mounting. Over $16.4M in short positions have been placed around the $0.588 resistance, while $8.33M in longs sit at $0.544 support. This imbalance suggests growing pressure to the downside.
🔍 With ADA below key technical levels and traders heavily favoring short positions, caution is warranted. While rebounds can occur, sentiment remains bearish in the near term.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
