The post Cardano (ADA) Could Fall 15%, Here’s Why appeared first on Coinpedia Fintech News
Today, December 22, 2024, the overall cryptocurrency market is struggling, while Cardano (ADA) is poised for a notable price decline after forming a bearish price action pattern. Amid this mild bearish market sentiment, traders and investors appear hesitant to participate in the altcoin, according to the on-chain analytics firm Coinglass.
Analyzing recent on-chain metrics alongside technical analysis suggests a fine outlook for Cardano (ADA). While long-term holders show optimism, as evidenced by significant outflows from exchanges, technical patterns indicate potential short-term bearish trends.
Cardano (ADA) Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, ADA appears bearish as it has successfully broken down from a head-and-shoulders price action pattern and recently retested that level. This retest of the breakdown level has partially confir
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