Renowned crypto trader Ansem, known for his work on Solana, has turned his attention to Cardano (ADA) with a detailed current market analysis.
ADA Chart Analysis
The chart shared by the professional shows ADA trapped in a downtrend, with lower highs and lows. Notably, the chart lacks traditional indicators like moving averages or RSI, focusing instead on raw price action.
Key Resistance and Support Levels
The $0.7786 level is identified as a significant resistance zone, acting as a barrier for ADA's upward movement. Sellers dominate each time the price tries to break above.
Overall Outlook and Potential Scenarios for Cardano
Ansem sees ADA at a crossroads: it could either break below the current support and fall to $0.4 or manage to climb above the $0.80 resistance and reverse the trend. However, he remains bearish, anticipating a possible 50% drop.
Without substantial fundamental shifts, Ansem believes ADA might continue its downward path, aligning with the broader bearish market sentiment.
