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Cardano (ADA) Price Slumps: On-Chain Weakness, Technicals Signal Further Downside Risk
The post Cardano (ADA) Price Slumps: On-Chain Weakness, Technicals Signal Further Downside Risk appeared on BitcoinEthereumNews.com. Cardano’s ADA token faces selling pressure as key on-chain metrics decline. Technical analysis reveals a bearish pattern, with resistance levels hindering recovery attempts. Price action suggests that further declines may be in store for Cardano in the near term. Cardano (ADA) is struggling to regain momentum. Discover why on-chain data, technical patterns, and recent market moves point towards continued downward pressure. Cardano’s On-Chain Metrics Signal Price Weakness Several key on-chain metrics suggest underlying weakness for Cardano. Declining trading volume, fewer core developers on GitHub, and a drop in Total Value Locked (TVL) all paint a potentially bearish picture. Technical Picture Reinforces Bearish Outlook Technical indicators align with the negative on-chain data. ADA is stuck in a descending channel, and the Relative Strength Index (RSI) suggests room for further downside. Recent resistance rejections add to the bearish sentiment. ADA Price Faces Uphill Battle Recent price action confirms the challenging environment for Cardano bulls. IntoTheBlock’s IOMAP model highlights a significant resistance zone near $0.61, which could limit any bullish attempts. Conclusion Cardano is facing a confluence of negative factors. On-chain weakness and bearish technicals suggest a higher likelihood of continued downward price movement. Investors should be cautious and monitor key resistance levels for any potential trend shifts. Don’t forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news. Source: https://en.coinotag.com/cardano-ada-price-slumps-on-chain-weakness-technicals-signal-further-downside-risk/
The post Cardano (ADA) Price Slumps: On-Chain Weakness, Technicals Signal Further Downside Risk appeared on BitcoinEthereumNews.com.
Cardano’s ADA token faces selling pressure as key on-chain metrics decline. Technical analysis reveals a bearish pattern, with resistance levels hindering recovery attempts. Price action suggests that further declines may be in store for Cardano in the near term. Cardano (ADA) is struggling to regain momentum. Discover why on-chain data, technical patterns, and recent market moves point towards continued downward pressure. Cardano’s On-Chain Metrics Signal Price Weakness Several key on-chain metrics suggest underlying weakness for Cardano. Declining trading volume, fewer core developers on GitHub, and a drop in Total Value Locked (TVL) all paint a potentially bearish picture. Technical Picture Reinforces Bearish Outlook Technical indicators align with the negative on-chain data. ADA is stuck in a descending channel, and the Relative Strength Index (RSI) suggests room for further downside. Recent resistance rejections add to the bearish sentiment. ADA Price Faces Uphill Battle Recent price action confirms the challenging environment for Cardano bulls. IntoTheBlock’s IOMAP model highlights a significant resistance zone near $0.61, which could limit any bullish attempts. Conclusion Cardano is facing a confluence of negative factors. On-chain weakness and bearish technicals suggest a higher likelihood of continued downward price movement. Investors should be cautious and monitor key resistance levels for any potential trend shifts. Don’t forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news. Source: https://en.coinotag.com/cardano-ada-price-slumps-on-chain-weakness-technicals-signal-further-downside-risk/
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