Over the past 24 hours, Cardano’s (ADA) price has faced a significant 14.5% decrease and is currently trading around $0.52, a level last seen in November 2024. This notable drop indicates increased bearish sentiments in the altcoin market. A key negative sign recently observed is the formation of a Death Cross pattern on Cardano’s daily chart, last seen in May 2024. This pattern occurs when the 50-day moving average falls below the 200-day moving average and often signals the beginning of a long-term downtrend. Alongside technical factors, data from the Coinglass platform also confirm capital outflows from the Cardano spot market. Just in the past day, around $12 million has exited this market, bringing the total capital outflow in the past month to over $150 million. This trend shows that investors are pessimistic about Cardano’s future price and are exiting their trading positions. If selling pressure continues, the possibility of the price dropping to $0.44 (around a further 14% decrease) exists. However, if a new wave of demand for purchasing Cardano emerges, this bearish outlook may be invalidated, and the price could even rise to $0.64. On the live digital currency price page, you can monitor the prices of all tokens and cryptocurrencies in real-time.
