SuperTrend Turns Bearish on ADA, Potential 80% Price Drop Alert

Crypto analyst Ali Martinez highlights a bearish signal for ADA as the SuperTrend indicator has flipped bearish on the weekly chart.

  • The last similar occurrence led to an 80% drop in ADA's price.
  • ADA previously fell from $1.38 to $0.22 after the last bearish flip in December 2021.

Cardano Price Chart

Potential Market Reactions

  • Cardano is trading within a descending channel, raising concerns of further declines.
  • Some analysts suggest current prices may already account for worst-case scenarios.

If ADA drops by 80% from its current value of $0.40, it could reach $0.064, a level not seen since early 2020.

Despite the bearish outlook, some experts see potential for recovery and accumulation, targeting $0.70 in the medium term.