Last week, Cardano (ADA) was speculated to reach $0.50 from $0.42, but its current price is $0.38. Despite investor hopes, indicators suggest continued downward pressure for ADA.
Cardano's Market Value to Realized Value (MVRV) Long/Short Difference of -25.67% indicates a bearish phase. This suggests further price decline due to reduced demand and long-term holders' unrealized profits.
The Daily Active Addresses (DAA) divergence also supports this bearish outlook. A negative price-DAA divergence indicates low network activity, reinforcing a sell signal for ADA.
Cardano's price broke out of a descending triangle on September 22 but reverted downwards. If ADA falls below $0.35, it could drop to $0.31. However, a bounce above $0.35 could see prices rise to $0.40 or higher.
