The Cardano price has yet to turn completely bearish, but the bulls have abandoned the current price level. This has caused ADA to lose almost 3% in the last 24 hours. Despite this decline, the altcoin has retained some gains on the weekly chart, although most of these gains have been wiped out due to the recent price drop.

The technical outlook suggests that ADA may soon fall into the hands of sellers as a drop has followed a slight decline in demand in accumulation.

While Cardano is still in a demand zone, breaching its immediate resistance mark could allow the bulls to regain control in subsequent trading sessions.

With Bitcoin’s price falling below the $30,000 mark, other altcoins have also slipped below their immediate support level. However, if ADA can surpass the $0.42 level, it has the potential to rally significantly. A decline in ADA’s market capitalization indicates short selling on the one-day chart.

The upper band of the Bollinger Bands indicator will now act as crucial resistance for Cardano. Breaking above it will require a significant amount of buying strength.

As with any cryptocurrency, the broader market’s strength will be crucial in determining how Cardano performs over the subsequent trading sessions.

source:newsbtc