- ADA’s volume indicator confirms a massive bearish influence.
- The altcoin hasn’t formed a steady bullish candlestick that can safeguard against the bearish bias.
- Cardano should climb past $0.69 to invalidate the bearish trend.
Cardano might have completed the awaited upside movements following the 12 May sell-off. The alternative token remains primed to decline, eyeing the lows of $0.20. The latest bearish leg appeared as the broad market saw a bloodbath during overnight sessions.
The past 24 hours saw Bitcoin dropping 5.09 % to explore sub-$29K. Also, the global cryptocurrency market cap recorded a 24hr 4.86% plunge to $1.24 trillion. Such narrative welcomed bearish outlooks, with large-cap cryptos exploring lows.
ADA Price Might Crash
Cardano’s price extended its downside after the crypto saw an impressive 40% surge during the weekend. ADA price starts a profit-booking consolidation with highly bearish signs. Meanwhile, a technical standpoint shows a potential crash as bears return with confidence.
Cardano price presents a bearish attitude on its Volume Profile Indicator. The last setup any market player would want to see is the ramping formation showcased around the top of a newly printed upsurge.
The indicator might be warning about a sweep at lows in the upcoming weeks, bears targeting levels at and beneath $0.20. keep in might that bulls are yet to produce a stable candlestick to defend the bearish move. That might mean a smooth plunge towards the targeted lows.
Cardano would need a move to breach $0.69 to escape the current bearish trend. Overcoming this area would clear the path to $0.86. That would mean a 50% surge from the current price. As stated above, ADA will respond to broad market tendencies.
Bears stepped up in the crypto world within the past day, triggering substantial declines. Cardano frustrated its investors as bears emerged with confidence, hinting at massive drops. The volume indicator confirms the bearish strength. Current conditions can see ADA plunging towards $0.20.
The global cryptocurrency market capitalization reflects the ongoing downturn in the crypto space. While publishing this content, the overall crypto market cap stands with a 4.59% 24hr loss at $1.24 trillion. Bears appear ready for more declines. Nevertheless, nothing is a guarantee in this industry.