🔴Cardano (ADA) has re-entered a bearish phase after a failed attempt to break the resistance at $0.77. The token’s price continues to decline, and the formation of a “death cross” on the chart adds to the negative outlook. The crossing of the 200-day EMA with the 50-day EMA is a concerning signal, indicating the end of a five-month uptrend. Investor confidence is waning, with the MVRV Long/Short Difference indicator dropping below zero, further intensifying the pressure.
🔴Currently, ADA is holding above the $0.54 support level, but a breakdown could push the price down to $0.50 or even $0.46. The only hope for recovery lies in consolidating above $0.57, followed by a move toward $0.63.