CandleFocus Cardano (ADA) Price Slumps Below $1 for First Time in Weeks
2024-12-10
Author: Content Editor
The Cardano (ADA) price is experiencing a downtrend, trading below $1 for the first time since November 26. Technical indicators such as the ADX, D-, and D+ confirm the strength of the bearish trend. The Ichimoku Cloud turning red further suggests a bearish outlook. The ADX has risen to 41.2, indicating a strong trend, but with the dominant negative momentum, ADA could continue to face downward pressure. If ADA remains below the Ichimoku Cloud, it may face increased selling pressure, potentially testing lower support levels. The immediate support is at $0.87, and if this fails, ADA could drop further to $0.65 and $0.519. However, if ADA reverses the trend and gains positive momentum, it could challenge the resistance at $1.11, potentially reaching higher levels at $1.24 and $1.32.
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