Cardano (ADA) has slipped below the crucial $0.3389 support level, raising concerns about an extended bearish phase. This breach suggests that sellers may be gaining control, leading to fears of a potential deeper downtrend.
The 4-hour chart shows ADA trading beneath the 100-day Simple Moving Average (SMA), indicating strong bearish momentum. This positioning suggests a possible prolonged downside move, with sellers currently in control.
The 4-hour Composite Trend Oscillator for ADA is negative, as both the SMA and the signal line have dropped below the zero level, nearing the oversold zone. This typically signifies intensifying selling pressure.
On the daily chart, ADA exhibits pronounced downward strength, with a bearish candlestick pattern reinforcing increased selling pressure below the $0.3389 mark. The 1-day Composite Trend Oscillator suggests Cardano may face prolonged losses.
Key levels to watch include the support at $0.2388. Maintaining this level may allow recovery, while a fall below it might indicate a deeper bearish trend.
