CandleFocus Multiple Analysts Recommend Shorting Cardano, Targeting 33% Crash to $0.21
2024-09-11
Author: Content Editor
Analysts are recommending a short position on Cardano (ADA) as they project a potential decline to the $0.20 range. ADA recently rallied to $0.3484 but is struggling to maintain its upward momentum. Analysts highlight that ADA's consolidation below the key $0.35 resistance level suggests increasing downward pressure. Lingrid notes that ADA is trapped in a range between $0.30 and $0.34, and a break below the $0.325 support could lead to further declines. FinancialFreedomGoals also expects potential declines for ADA, highlighting that Cardano remains below the 200-EMA line and the MACD line falling below the signal line reinforces the bearish sentiment. They project declines to key Fibonacci targets at $0.2506 and $0.2197. However, a break above the $0.3815 resistance level could provide hope for the bulls.
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