Posted 1/23/2024, 9:59:59 AM
Cardano Price Nears Critical Support Levels After Sustained Downtrend
- Cardano (ADA) price has been decreasing for over a month and is near support level of long-term corrective pattern
- Price broke down from a short-term horizontal support level that had held since early 2023
- ADA currently trades very close to support of descending parallel channel
- Technical analysis indicates further 11% decrease to $0.405 based on bearish price action, RSI, and Elliott Wave count
- Reclaiming $0.48 level would invalidate breakdown and could lead to 25% increase to $0.62