ADA Slips Below $0.3389 Level, Deeper Downtrend Looming?
04 Novembre 2024 - 2:30PM
NEWSBTC
Cardano (ADA) has once more dropped below the crucial $0.3389
support level, sparking fears of an extended bearish phase. This
level has previously held strong as a line of defense for ADA, but
its recent breach suggests that sellers may be gaining the upper
hand. With ADA navigating lower levels, investors are left
questioning whether this slip could open the door to a deeper
downtrend. As bears tighten their grip, this article aims to
analyze the recent decline of ADA below the critical $0.3389
support level and evaluate the likelihood of a deeper downtrend
unfolding. By exploring technical signals and market dynamics, this
piece will provide readers with a clear understanding of ADA’s
current position, potential risks, and paths forward in the face of
mounting bearish pressure. Technical Analysis: Is ADA Set For
Further Slide? On the 4-hour chart, ADA has recently broken below
the $0.3389 mark, with its price now exhibiting strong bearish
momentum as it trades beneath the 100-day Simple Moving Average
(SMA). This positioning under the SMA is a key indicator of a
possible prolonged downside move, suggesting that sellers are
currently in control. If selling pressure persists, the $0.2388
level will become an important area to monitor. Also, the 4-hour
Composite Trend Oscillator for ADA is displaying negative signals,
as both the SMA line and the signal line have dropped below the
zero level and are nearing the oversold zone. Typically, this
movement indicates that selling pressure is intensifying, showing
that sellers are becoming increasingly dominant in the market.
Related Reading: Cardano (ADA) Eyes a Potential Recovery: Can It
Bounce Back? On the daily chart, Cardano is exhibiting pronounced
downward strength, highlighted by a bearish candlestick pattern
that signifies increased selling pressure below the $0.3389 mark.
This pattern indicates that sellers are firmly in control of the
market, relentlessly driving the price lower, prompting a strong
likelihood of further losses in the near term. An in-depth
examination of the 1-day Composite Trend Oscillator reveals that
Cardano is likely poised for prolonged losses. Following its
failure to break above the SMA line, the signal line is descending
and moving into the oversold zone, indicating a significant
negative shift in momentum. If this downward trend continues,
Cardano may face considerable challenges in staging a recovery,
which could lead to an extended period of sluggish price movement.
Key Levels To Watch In The Coming Days As Cardano faces a
challenging market landscape, investors must monitor several key
levels in the coming days. Attention should be directed toward the
support level at $0.2388, which may provide crucial protection
against additional downturns. Should ADA sustain its position above
this threshold, it could pave the way for a potential recovery,
aiming for the $0.3389 level and even higher. Related Reading:
Bullish Analyst Sees Cardano (ADA) Rising 13% As Key Indicator
Signals Buy Conversely, if ADA falls below the $0.2388 support
level, it may indicate a deeper bearish trend, leading to possible
declines toward other support levels and triggering heightened
selling pressure. Featured image from Unsplash, chart from
Tradingview.com
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Cardano (COIN:ADAUSD)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024