Cardano (ADA) Faces 30% Price Cut: Will There Be Further Decline?

Thursday, 11 April 2024, 11:00

Cardano (ADA) is undergoing a significant correction and facing a 30% price cut. The post analyzes the current market sentiment, technical indicators, and potential scenarios for ADA's price movement. It remains to be seen whether Cardano will bounce back or continue on a downward trend based on key support levels and chart patterns.
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Cardano (ADA) Faces 30% Price Cut: Will There Be Further Decline?

Cardano's Downturn: A 31% Price Drop Over the Last Month

Last month, Cardano faced an obstacle in surpassing the $0.86 resistance, resulting in a 31% decline. The MACD shows a bearish trend, but the RSI remains neutral. Notable support is expected at $0.46.

  • Bearish trend reflected in MACD histogram
  • Notable support at $0.46

Continuation of Correction for Cardano Price?

If ADA bounces from $0.584, it may target $0.72 and $0.86. A bearish scenario could see ADA retreat to $0.44. Weekly MACD lines turned bearish.

  1. Fib support at $0.584
  2. Golden ratio resistance at $0.72

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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