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Home»EXCHANGE NEWS»Is ADA slipping below the $0.3389 level and a deeper downtrend looming?
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Is ADA slipping below the $0.3389 level and a deeper downtrend looming?

By Crypto FlexsNovember 5, 20243 Mins Read
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Cardano (ADA) has once again fallen below the crucial $0.3389 support level, sparking concerns that the downside could be prolonged. This level was previously held strong as a line of defense for the ADA, but recent violations suggest sellers may have the upper hand. With ADA exploring lower levels, investors are questioning whether this slip could open the door to a deeper downturn.

As the downside strengthens, this article aims to analyze ADA’s recent decline below the important $0.3389 support level and assess the likelihood of a deeper downtrend developing. By exploring technical signals and market dynamics, this article will provide readers with a clear understanding of ADA’s current position, potential risks, and where it may be headed in the face of mounting bearish pressure.

Technical Analysis: Is ADA ready for more slides?

On the 4-hours chart, ADA recently fell below the $0.3389 line, and the price is currently showing strong bearish momentum as it is trading below the 100-day simple moving average (SMA). This positioning according to the SMA is a key indicator of a long-term downward movement, suggesting that sellers are currently in control. If selling pressure persists, the $0.2388 level will be an important area to monitor.

Additionally, the 4-hour composite trend oscillator for ADA is showing negative signals with both the SMA line and signal line falling below the zero level and approaching oversold territory. Typically, these movements indicate intensifying selling pressure, which indicates that sellers are becoming increasingly dominant in the market.

On the daily chart, Cardano is showing clear downward strength, highlighted by a bearish candlestick pattern that suggests increased selling pressure below $0.3389. This pattern indicates that sellers have a firm control of the market and are constantly driving prices down, making further losses highly likely in the short term.

ADA

An in-depth examination of the 1-day composite trend oscillator shows that Cardano is likely to suffer long-term losses. After failing to break the SMA line, the signal line is moving downward and into oversold territory, indicating a significant negative change in momentum. If this downward trend continues, Cardano may face significant difficulties staging a recovery, which could lead to a prolonged period of sluggish price action.

Key levels to watch ahead

As Cardano faces a challenging market environment, investors should monitor several key levels going forward. Attention should be paid to the support level at $0.2388, which could provide important protection against further declines. If ADA maintains its position above this threshold, it could pave the way for a potential recovery targeting the $0.3389 level and above.

Conversely, if ADA falls below the $0.2388 support level, the bearish trend could intensify further, possibly triggering a decline towards other support levels and increasing selling pressure.

ADA

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