Good gracious! Cardano (ADA) price has taken a nosedive of 8% in the last 24 hours, reducing its market cap to a paltry $32 billion. Over the past week, ADA has dipped over 13%, signalling increasing bearish fervor.š±
With the emergence of a dastardly death cross and a skyrocketing ADX, the downtrend appears to be picking up steam. The price teeters precariously between support at $0.87 and resistance at $0.95. Should this bearish brouhaha continue, ADA risks further declines, whilst a recovery above $0.95 could potentially propel it beyond the cherished $1.03 mark.
ADA Downtrend Stronger Than Aunt Agathaās Dislike for Bertie
Cardano ADX has soared to a worrying 23.2, quite the leap from a mere 10.5 yesterday, translating to a market thatās gone from virtually non-existent trends to one that clearly favors the bearish sort. š§ļø
The ADX measures trend strength on a 0-100 scale, with values below 20 indicating weak or no trend and values above 25 signaling strong trends. With ADA’s ADX inching dangerously close to 25, the market is showing signs of lively momentum – much to oneās chagrin.
What’s alarming is that this rapid rise from 10.5 to 23.2 in a single day implies a significant shift in the market, likely skewed towards selling pressure. Should this infernal trend persist, ADA could sadly witness further declines owing to the escalating bearish momentum.
Cardano Ichimoku Cloud: The Universe is Against Us
The ADA Ichimoku Cloud looks rather morose, showing a bearish setup, with the price languishing well below the cloud (you’d think it might be aiming for a subterranean domicile). āļø
The ominous red cloud (Senkou Span A below Senkou Span B) ahead of the current price hints at continued resistance in the near term, reinforcing the dreadful possibility of further downside.
To add insult to injury, the Tenkan-sen (blue line) and Kijun-sen (orange line) have crossed downward, a dire signal for wannabe bulls. The price below both lines suggests ADA price is floundering to gain upward traction, leaving sellers in smug control. Should this bearish circus persist, ADA could tumble further, though reclaiming the Kijun-sen or infiltrating the cloud could indicate a much-needed reversal.
ADA Price Prediction: Will Cardano Rise Like a Phoenix?
At present, Cardano price finds itself marooned between resistance at $0.95 and support at $0.87, thanks to a ghastly death cross yesterday. Should the downtrend continue and $0.87 capitulate, ADA could nosedive to $0.829. ā ļø
Continued deterioration could bring it down to a devastating $0.76, a woeful 14.6% decline from current levels.
Conversely, if ADA can muster the bullish vigor we saw two weeks ago, it might just retest the $0.95 resistance. Overcoming this hurdle could herald a move towards $1.03, with hopeful targets set at $1.11 and $1.16. One can always dream, darling. š
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2025-01-28 01:22