CandleFocus

Cardano (ADA) Down 39% After Its US Crypto Reserve Inclusion: What’s Next?

Cardano (ADA) Down 39% After Its US Crypto Reserve Inclusion: What’s Next?
Cardano (ADA) has experienced significant selling pressure, resulting in a 10% drop in the last 24 hours and a 29% drop over the past week. This decline comes after ADA's inclusion in the U.S. strategic crypto reserve, with its price falling 39% since then. Indicators such as BBTrend and DMI suggest a bearish sentiment, with sellers in control. If the current downtrend continues, ADA may test key support levels, but a reversal could lead to a push towards resistance zones. The BBTrend indicator is currently declining and indicates a weakening bullish trend. The DMI chart shows that the ADX is rising, suggesting that the current trend is gaining strength. However, the EMA lines indicate the possibility of a bearish death cross, which could lead to further selling pressure. A breakdown below the $0.58 support level could trigger deeper losses, but a reversal could result in gains towards resistance levels at $0.818, $1.02, and even $1.17.

Related News