- Cardano faces a potential bearish correction indicated by five consecutive weeks of decline.
- A chart analyst predicts a correction range for ADA between $0.4444 and $0.3450 based on Fibonacci retracement levels.
- Technical indicators suggest a bearish trend for Cardano’s price movement.
Chart analyst Alan Santana has raised concerns about the future trajectory of Cardano (ADA) in the cryptocurrency market. Santana’s examination of ADA’s weekly chart reveals a troubling pattern of five consecutive weeks of decline, indicating a possible downturn in its price.
Read CRYPTONEWSLAND on
google news
The breach of the support level at $0.5800, which had held firm for five weeks, adds weight to the bearish outlook. Drawing from his analysis of numerous altcoin charts, Santana predicts that corrections typically gravitate towards specific Fibonacci retracement levels following significant price surges.
For Cardano, this could translate to a potential support range between $0.4444 and $0.3450. Despite the chance of further growth before a correction, Santana notes ADA’s lag behind other altcoins, suggesting it’s more likely to continue trailing than to catch up.
In addition to technical indicators pointing to a bearish trend, Santana highlights the importance of market conditions, emphasizing the need to maintain a cautious stance until there are significant changes in the chart. At present, the weekly chart for Cardano displays a break below the 10-period exponential moving average (EMA10), accompanied by a robust bearish candle, while the Relative Strength Index (RSI) signals a downturn.
CoinMarketCap data reveals Cardano’s current price at $0.5816, marking a 1.89% decrease in the last 24 hours. However, given Santana’s analysis, potential support levels for ADA may lie within the aforementioned range if the correction persists.
Read also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
