Cardano (ADA) has been under pressure lately and has fallen almost 12-15%for the first time in almost two months and went below the level of $ 0.6. It is currently floating around $ 0.59 to $ 0.60, which is a critical support zone for the Altcoin. Although the wider cryptomarkt is not in panic mode, the ADA price seems to lose steam.
What drags the cardano (ADA) price down?
One of the main reasons behind the decline is the Bearish Technical Momentum that builds up on the charts. Technical indicators also signal a downward pressure, which is expected to be strong and can continue unless the buyers intervene. Ada also forms a possible falling wig pattern, which is usually a bullish reversing board, but it is not yet confirmed. Therefore, if the price breaks under current support, the next stop can be around $ 0.57 or even $ 0.5.
This behavior of the long -term holders seems, because the markets, in particular Cardano, may be confronted with excessive sales pressure. This can make this more challenging to regain the positive momentum in the short term, which activates the short -term goals. This can be an important reason why the Cardano price has difficulty keeping its land.
What is the next step for the ADA price?
Now the big question: is this just a dip or something more serious?
If Cardano can hold above the level of $ 0.6, we may see a bouncing back to $ 0.66 or even $ 0.70. But if that support breaks, $ 0.57 is the next line of defense. A drop below that? Then $ 0.50 could play quickly.
The current Cardano (ADA) Price promotion is a mix of technical weakness, long -term holders who sell out and Bearish trader tense. Although it is not time to panic, it is definitely a moment to look closely.