Today, December 22, 2024, the cryptocurrency market is struggling, with Cardano (ADA) poised for a notable price decline due to bearish patterns. Amid this sentiment, market participants appear to be cautious, according to Coinglass.
Cardano (ADA) Technical Analysis
According to CoinPedia's technical analysis, ADA appears bearish as it has broken down from a head-and-shoulders pattern and recently retested the level. This suggests a potential decline in ADA's price.
Optimistic On-Chain Metrics
Despite the bearish technical analysis, long-term holders remain optimistic about ADA. Coinglass reports significant outflows of ADA from exchanges, suggesting bullish accumulation by investors.
Current Price Momentum
At press time, ADA is trading near $0.89, having declined over 5.5% in the past 24 hours. Trading volume has also dropped by 45%, indicating reduced activity amid the price decline.
Overall, while bearish trends are present, long-term investors might see the current situation as a favorable accumulation opportunity.
