2023-9-11 10:04 |
The prolonged cryptocurrency winter continues to hit altcoins harder, and Cardano seems to be the top victim. Data shows ADA has plunged to the lowest price levels of 2023, and further crashes appear possible.
Benjamin Cowen of ITC believes price declines beneath $0.24 will dip ADA into the depression phase, which might last until 2024.
The depression phase for $ADA begins below $0.24.
The depression phrase will likely last until QE returns, probably sometime in 2024. https://t.co/mOvrwfhSv2
Cardano sparked worries of more declines as prices dipped beneath $0.25. The digital asset has hovered beyond this mark since late December 2022.
Impending Cardano slump?Cardano exhibits an ugly near-term outlook after welcoming Monday on a bearish foot. ADA plunged towards $0.245 early today, threatening more plummets. The last time Cardano declined beneath $0.25 was in late December and early 2023, following FTX’s crisis, which dented the overall market.
Nonetheless, the alt recovered to $0.40 the following month. That might not happen this time as bears fight for dominance.
The digital token has never been this depressed since 2020’s bear market when it hovered between $0.16 and $0.18 for some months before surging beyond $0.30. Further, Cardano has lost 92% since its $3.09 ATH of September 2021.
ADA has performed worse compared to Binance Coin (BNB), which struggles to remain afloat despite attack from regulators globally. Invezz.com reported how exchange Binance’s troubles dent BNB’s sentiment.
ADA price outlookADA price reflects weakness around the $0.25 mark (support-switched-resistance). Failure to recover will welcome dips towards $0.24 before exploring the $0.22 lows. Its daily chart remains red as bears control the wheel.
Source- CoinmarketcapWhile Cardano threatens more declines with its bearish flag setup, the alt displayed a rejection candlestick lately, showing sellers’ weakness.
A potential 24-hour candle closing beyond $0.2534 upon the upcoming retest would annul the bearish outlook. That would confirm a false breakdown, possibly catalyzing ADA surges to higher levels.
Watching upcoming Cardano updates and developments in the broad financial space remains crucial to understand ADA’s next directional move.
The post Cardano nears a depression phase as ADA price hits 2023 lows appeared first on Invezz.
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