Cardano (ADA) Sees 8% Price Decline Amid Growing Bearish Momentum
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Cardano (ADA) has experienced an 8% drop in price over the past 24 hours, leading to a market cap of approximately $32 billion. In the last 7 days, ADA has fallen by more than 13%, indicating a growing bearish trend.

The recent occurrence of a death cross and an increase in the ADX further confirm the strengthening downtrend, with the price currently fluctuating between key support at $0.87 and resistance at $0.95. Continued bearish momentum could result in further declines for ADA, although a potential recovery above $0.95 might trigger a test of levels exceeding $1.03.

The ADA ADX has surged to 23.2 from 10.5, suggesting a significant shift in market dynamics towards a more defined trend. This rise in ADX highlights a move towards a downtrend, with sellers gaining control, potentially intensifying the bearish pressure on ADA price.

The ADA Ichimoku Cloud chart presents a bearish outlook, with the price trading notably below the cloud, indicating a strong downward momentum dominating the market. The current setup suggests continued resistance in the near future, with the Tenkan-sen and Kijun-sen lines confirming the bearish trend with a downward cross.

ADA's price remains sandwiched between $0.95 resistance and $0.87 support levels post the formation of a death cross. A breach below $0.87 could lead to a test of the next support at $0.829, potentially paving the way for further decline towards $0.76. Conversely, regaining bullish momentum may propel ADA towards the $0.95 resistance level, possibly opening the path for a move towards $1.03 and beyond, with additional targets at $1.11 and $1.16.

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