Cardano (ADA) was under pressure recently and nearly 12-15 % decreased, and slipped to less than a level of $ 0.6 for the first time in nearly two months. It is currently hovering about $ 0.59 to $ 0.60, a crucial support zone for Altcoin. Although the broader encryption market is not in panic, the ADA price appears to lose Steam.
What is the price of Cardano (ADA)?
One of the main reasons behind the decline is the declining technical momentum on the charts. Technical indicators also indicate a declining pressure, which is expected to be strong and may continue unless buyers enter. ADA also forms a possible wedge style, which is usually a bullish reflection mark, but has not yet been confirmed. Therefore, if the price drops below the current support, the next station may be about $ 0.57 or even $ 0.5.
The graph above shows that the price is stuck inside a balanced parallel channel while retaining a decisive support area. Currently, the price reached the same support area between $ 0.6 and $ 0.61, but it shows less signs of positive recovery. If the price fails to run a recovery, the decrease to the next subsidy at $ 0.51 is applicable. However, the bounce may raise levels to $ 0.65, which seems unlikely because RSI is about to reach the bottom threshold. The decrease within the sale range can verify the continued decline.
Long -term holders get profits
The data on the series reveals another red flag: “Age has been consumed”-a scale that tracks the movement of old coins that have not been dealt with for a large period, just a 9-month rise. This height indicates a decreasing confidence between investors, as the rise in the scale indicates that long -term holders continue, and therefore the negative impact on the ADA price may be necessary.
This behavior appears to be a long -term holder, as markets, especially Cardano, may face excessive sale pressure. This can make Ada more difficult to restore positive momentum in the short term, while maintaining short -term goals. This may be a major reason to fight the Cardano price in order to keep it.
What is the following for ADA price?
Now the big question: Is this just a decline or something more dangerous?
If Cardano can stick to a level of $ 0.6, we may see about $ 0.66 or even $ 0.70. But if this support collapses, $ 0.57 is the next defense line. Less decrease? Then it can play $ 0.50 quickly.
The current work of Cardano (Ada) is a mixture of technical weakness, and their long -term holders who sell and secure trading morale. Although it is not time to panic, it is definitely a moment to watch closely.
