Cardano: Crash Ahead? Prepare for a Potential 20%+ Downside!
2024-10-03

Hey Realistic Traders, let’s dive into the analysis of  BINANCE:ADAUSDT   

On the daily chart, Cardano continues to struggle below the critical EMA200, signaling a persistent bearish bias. Even more telling, the price has repeatedly respected the bearish trendline, underscoring the strength of this downtrend.

To make matters worse, we've seen a breakout from  two major bearish formations: the Rising Wedge and the Ascending Broadening Wedge.  Both patterns point to a continuation of the downward spiral. Adding fuel to the fire, the MACD has made a clear bearish crossover, confirming that the bears are firmly in control.

Based on these signals, we anticipate a sharp drop toward the first target at 0.2753. After that, a brief pullback could bring prices back into the green zone before heading even lower to the second target at 0.2384.

This technical outlook remains valid as long as the price stays above the support area at 0.4158.

Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Cardano.

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