Fun

ADA Slips Below $0.3389 Level, Deeper Downtrend Looming?

News Feed - 2024-11-04 10:11:51

Este artículo también está disponible en español.


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 marketdynamics, 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 indicatorof 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. ADA falls below $0.3389 and the 100-day SMA | Source: ADAUSDT on Tradingview.com


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 pressureis intensifying, showing that sellers are becoming increasingly dominant in the market. Related Reading Cardano (ADA) Eyes a Potential Recovery: Can It Bounce Back? 2 weeks ago


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 lossesin the near term. ADA showing heightened selling pressure after dropping below $0.3389 | Source: ADAUSDT on Tradingview.com


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 sustainits 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 1 month ago


Conversely, if ADA falls below the $0.2388 support level, it may indicate a deeper bearish trend, leading to possible declines toward other supportlevels and triggering heightened selling pressure. ADA trading at $0.33 on the 1D chart | Source: ADAUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com

News Feed

Moledao Launches Pioneering Web 3.0 Hackathon on the Metaverse
Moledao Launches Pioneering Web 3.0 Hackathon on the Metaverse press release PRESS RELEASE. Moledao, a social platform for blockchain enthusiasts, announced today its upcoming Web 3
Arbitrum-based DuelNow receives $11M funding as Web3 betting heats up
Alex O’Donnell7 hours agoArbitrum-based DuelNow receives $11M funding as Web3 betting heats upDuelNow is the latest in a string of Web3 gambling venture deals amid surging activity on Polymarket.1593 Total views1 Total
SEC Charges Gig Economy Platform for $2.6 Million Unregistered Coin Offering
SEC Charges Gig Economy Platform for $2.6 Million Unregistered Coin Offering The U.S. Securities and Exchange Commission (SEC) has charged Thor Technologies and its co-founders wit
New Zealand fears missing crypto train with 'wait and see' approach
Arijit Sarkar20 minutes agoNew Zealand fears missing crypto train with "wait and see" approachAndrew Bayly, the Minister of Commerce and Consumer Affairs, warned that New Zealand’s “wait and see” approach could lea
Chainalysis’ ‘Kryptos’ Tool Is an Inside Look for Outside Investors
Chainalysis is building a crypto-space risk data clearinghouse for financial institutions. Its new Kryptos platform will help institutions parse regulatory hazards and build risk as
Turner Wright7 hours agoCrypto donations fund fire relief efforts on MauiThe Giving Block matched more than $68,000 in crypto and fiat donations to raise more than $136,000 for a project aimed at assisting efforts follow
Chinese Kennel Owner Caught Stealing Electricity to Power Underground Bitcoin Mining Farm
Chinese Kennel Owner Caught Stealing Electricity to Power Underground Bitcoin Mining FarmThe largest oil field in the People’s Republic of China has been a target for individu
RBI Begins First Retail Digital Rupee Pilot in 13 Indian Cities With 8 Banks
RBI Begins First Retail Digital Rupee Pilot in 13 Indian Cities With 8 Banks India’s central bank, the Reserve Bank of India (RBI), is launching its first retail digital rupe
Coinbase Entices Users to Switch From USDT to USDC, Crypto Firm Says Recent Events ‘Put Some Stablecoins to the Test’
Coinbase Entices Users to Switch From USDT to USDC, Crypto Firm Says Recent Events "Put Some Stablecoins to the Test" Coinbase, one of the largest cryptocurrency firms in the indus
Brayden Lindrea6 hours agoMicro $3 Bitcoin miners won’t make bank, but that’s not the point: InventorsPocket-sized Bitcoin miners are a stand against the “secrecy and exclusivity” of the Bitcoin mining industry,
Derek Andersen6 hours agoWorldcoin’s Orb had serious security vulnerability in operator onboarding: CertiKThe smart contract auditor found that operator verification could have let operators into the system without a v
PEPE za posledný týždeň vzrástol o 20 %. Pozornosť však púta tento AI Pepe meme coin
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu