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Cardano could fall 10% if signal confirms
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Cardano (ADA) is falling this Thursday (23), with the current movement likely to intensify due to a crossover of their exponential moving averages (EMAs).
The current trend began last Saturday (18), after the active fails to overcome the top of $1.16. Since then, ADA price fell more than 15%returning to trade below the psychological level of US$ 1.
With the recent drop, Cardano is about to see a bearish crossover towards its 9-day (blue) and 21-day (orange) EMAs. When the first moving average crosses below the second, it indicates that the asset in question is trading at increasingly lower levels in the short term.
Many traders and investors see this crossover as a signal to close their long positions or open new short positions in the futures markets.
Cardano technical indicators turn bearish
Therefore, if this signal is confirmed, it could further intensify the selling pressure already existing in the market. It is worth noting that the cryptocurrency price fell by more than 20% the last time this bearish crossover occurred, on December 17th.
With this, ADA can now retreat to the region of its last bottom, in $0.90. If this level is unable to stop the current downtrend, sellers should push the altcoin towards the $0.84 support.
In this sense, the Relative Strength Index (RSI) and MACD support this scenario. The first fell below 50, which indicates that sellers are in control of the trend.
The MACD made a bearish crossover last Tuesday (21), forming negative bars on its histogram since then.
On-chain data from Coinglass indicates that sellers dominate ADA orders on exchanges. Currently, more than 52% of these orders are sell orders, exceeding buy orders by approximately US$68 million.
As long as this scenario continues, it will be difficult to see Cardano’s native token regain its upward trend. However, whales can change this situation. According to data from Santiment, These large investors accumulated more than 140 million ADA between December 15, 2024 and January 22 of this year.
Cardano could fall 10% if signal confirms
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Cardano could fall 10% if signal confirms
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Cardano could fall 10% if signal confirms