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Cardano (ADA) has been again found trapped in a downward stream While Bearish sentiment is grabbing the wider crypto market. The ADA/USDT pair on Binance is now painting a structure that interpret many crypto analysts as a warning sign of deeper losses Ahead. According to a recent technical analysis on the TradingView platform, Cardano can go to the $ 0.40 region after recently correcting to an important liquidity zone.
Beerarish Markt structure and liquidity recovery for Cardano
Technical analyst Rlinda noted that Cardano Is currently under intense Bearish and describes it as in a defined Bear Market. The analysis was made on the TradingView platform based on ADA/USDT price promotion on the 4-hour candlestick time frame since the beginning of March.
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In particular, the graph shows that Ada within one period of lateral consolidation Between 11 March and 6 May, only to eventually start a pullback in what seems to be a classic liquidity destruction place. This corrective movement has now brought the earlier broken support zone around $ 0.63 to the attention, which now functions as a resistance.
Rlinda emphasizes that this resistance level, combined with the 0.5 Fibonacci retracement zone, marks the upper limit of what is now considered a sales zone. However, a retest of this support is very possible and the reaction here will determine whether Cardano will break further.
Breakdown under $ 0.581 would open the locks for Ada
The price structure of Cardano within the 4-hour candle charts shows lower highlights and increasingly weaker bouncers since 26 March, which enhances the Bearish front exemptions. Interestingly, the graph of Rlinda outlines an important trigger level at $ 0.581. A further breakdown is expected if ADA does not have the support level of $ 0.581, which has already served this cycle several times as a confluence area.
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The next important support is $ 0.5092, but this level is not expected to yield a considerable strength. If this zone is violated, the analyst warns of a potential dive in what she calls a ‘zone of void’, whereby buying may not exist.
This emptiness of the question could further send ADA to $ 0.4564, with an extra disadvantage aimed at $ 0.42 and possibly even $ 0.40. The analyst marks this area as the final destination for the current bearish phase, unless broader market sentiment shifts dramatically.
Talk about broader market sentiment, The cryptomarkt was recently turned upside down by an increase in volatility caused by conflicting reports on an assumed 90-day American rate suspension, but the White House quickly denied the rumor. The back and forth was enough Press the Bitcoin price Up to $ 74,620 again against 9:30 Edt. The price of Cardano also fell to $ 0.54 during the same time window.
Although Ada has since managed a mild recovery for the range of $ 0.5751, the bounce misses conviction. The thin volume and the absence of aggressive purchasing suggest that the relief can be temporary and there are possibilities for more close movements.
Featured image of Adobe Stock, Chart van TradingView.com
