Cardano has failed to reclaim higher resistance levels as weak momentum persists, potentially paving the way for further price declines. Cardano trades within a descending channel and has repeatedly made lower highs and lower lows. After dropping to the structure’s lower support level following its February 6 crash to multi-year lows, the coin has yet to show recovery signs. Technical analysis points to repeated lower-high rejections for ADA in the channel, dating back to the early November high of $0.6069.
The momentum remains bearish after dropping to $0.22, as it has not shown the strength to even reclaim the descending resistance zone. Unless conditions change, ADA might decline further to the $0.220 lows. If Cardano regains momentum from here, it could retest the channel’s upper resistance. Holding here invalidates bearish scenarios for ADA.
Cardano (ADA) has failed to reclaim higher resistance levels as weak momentum persists, potentially paving the way for further price declines. The asset trades within a descending channel, repeatedly forming lower highs and lower lows, underscoring a bearish trajectory. Since its February 6 crash to multi-year lows, ADA has not shown recovery signs. Technical analysis highlights repeated lower-high rejections in the channel dating back to the early November high of $0.6069.
The momentum remains bearish after dropping to $0.22, with insufficient strength to reclaim the descending resistance zone. Unless conditions improve, ADA could slip toward the $0.220 lows. If momentum regains from here, ADA could retest the channel’s upper resistance. Holding here would invalidate the bearish scenarios for ADA and potentially shift the outlook toward a recovery, but at present the bias remains downward.
Leave a Reply