The Cardano (ADA) price has recently gone through a period of relative stability, with price fluctuations between $0.57 and $0.60. This stability followed an attempt on February 18 to cross the critical price barrier of $0.60, with the price briefly reaching almost $0.64.
However, despite this breakout, the coin could not stay above the $0.60 level for long. After falling below this level on February 21, Cardano made an unsuccessful attempt to get back above $0.60 on February 22.
Given these recent developments and Cardano’s difficulty in breaking above the $0.60 level, technical indicators suggest that there is a chance of a further decline in the Cardano price in the near future.
Expected decrease in ADA price
Crypto analyst Ali Martinez expects ADA’s price to undergo a correction soon. He shared his insights on social media platform X, where he based his technical analysis on Cardano’s three-day price chart. At the heart of his analysis is the TD Sequential indicator, a tool he specifically points to as a reliable predictor of future price movements for ADA.
Historically, the TD Sequential indicator has successfully signaled an upcoming correction to ADA several times. The last two times this indicator gave a signal, a price correction indeed followed. This pattern reinforces Martinez’s confidence in the predictive value of the indicator.
The TD Sequential indicator is designed to identify the points of trend fatigue and indicate the potential reversals of price trends. At this point, the indicator suggests a reversal of the current uptrend, leading Martinez to conclude that a likely decline in the ADA price is imminent.
ADA price back to $0.45
It is not clear how low the price could possibly fall, as Martinez did not estimate a local price floor. Based on support levels, the $0.55 and $0.50 price levels provide strong support for the price. If the ADA price drops even further, the price could fall back to the local bottom of January 23, resulting in a $0.45 price. A decrease of 23% compared to the current value.
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Source: https://newsbit.nl/cardano-onder-druk-crypto-analist-verwacht-verdere-prijsdaling/
