Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ALTCOIN NEWS»The emergence of this pattern continues Cardano’s bearish trend. Will ADA hit a new low?
ALTCOIN NEWS

The emergence of this pattern continues Cardano’s bearish trend. Will ADA hit a new low?

By Crypto FlexsOctober 19, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
The emergence of this pattern continues Cardano’s bearish trend. Will ADA hit a new low?
Share
Facebook Twitter LinkedIn Pinterest Email
  • Cardano has formed a double top pattern on the daily chart, hinting at a bearish reversal.
  • A surge in ADA spot inflows indicates that selling pressure may intensify, pushing prices lower.

Cardano (ADA) has underperformed Bitcoin (BTC) over the past seven days, with the altcoin up a modest 0.4%, trading at $0.347 at press time. ADA has shown signs of consolidation over the past 24 hours, with its price fluctuating within a narrow range between $0.339 and $0.35.

ADA’s bearish pattern emerges

Considering that the daily chart is showing the formation of a double top pattern, the bearish trend around ADA may continue. This pattern usually shows a trend reversal, and if sentiment is not positive, ADA is now poised to move to the downside.

ADA bears tested the neckline of this double top pattern at $0.339, the 100% Fibonacci level, before the price rebounded. If ADA violates this support and moves lower, the price will likely plummet to $0.319.

(Source: Trading View)

ADA would need to bounce above $0.37 to nullify this bearish pattern and confirm an upward trend. But it lacks the buying support needed to make those gains.

The relative strength index (RSI) is 46, indicating that sellers are in control. Additionally, the RSI line is sloping south, showing that bearish momentum is strengthening. Negative Chaikin Money Flow (CMF) is also showing weakness as selling pressure continues.

Data from Coinglass confirms that ADA traders are actively selling. Spot inflows recently surged to $4.28 million, the highest level since mid-August. This means that traders are moving their coins to exchanges for the purpose of selling.

Source: Coinglass

Derivatives data analysis

Looking at the derivatives market, we can see that sentiment is positive but bearish signals persist. ADA’s open interest increased to $238 million per capita at press time. coin glass. This indicator is at its highest level this month, indicating strong interest in altcoins.

ADA’s long/short ratio is 1.07, which shows that there are slightly more long traders than short traders. On Binance, over 90% of Cardano’s open positions indicate long-term market optimism.

Source: Coinglass


Read Cardano (ADA) price prediction for 2024-2025


Despite this long-standing bias, traders betting on ADA profits continue to post losses. In the last 24 hours, $441,000 worth of ADA longs were liquidated, while only $16,750 of shorts were liquidated.

Nonetheless, whale activity could signal a turnaround in ADA prices. Recent Large ADA Transactions spike It suggests that whales may accumulate.

Next: Hoppy Cryptocurrency Rises 96% in One Week, but Here’s Why Bulls Are Struggling Now

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Why DEGO Price tank 60%after moving USD1 Stablecoin

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025

Encryption leverage: 2025 trend and change analysis

June 6, 2025

Why DEGO Price tank 60%after moving USD1 Stablecoin

June 6, 2025

SEI Network opens up the way of autonomous AI economy.

June 6, 2025

SEI hit 621K wallet and $ 930m tvL, but two regions should pay attention.

June 6, 2025

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025

Arca EXEC writes a scratch on Circle after IPO

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025
Most Popular

With the BlockDAG network, Bitcoin mining speeds up in anticipation of a 192% surge, with new miners earning 75,000 BDAG every day.

January 19, 2024

Pyth Network unveils real-time Bitcoin ETF price feed, bridging DeFi and traditional finance

February 20, 2024

Binance Labs and BNB Chain Launch New Founder-Focused Track to Incubate 100 Early-Stage Projects

November 25, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.