Cardano (ADA) Price Alert: Potential Drop to $0.40 Amid Market Uncertainty

• Cardano’s ADA is predicted to enter another corrective phase, potentially dropping to $0.42.
• Technical indicators, including the Elliot Wave and Open Interest (OI), suggest a bearish bias.
• While the Cumulative Liquidation Levels Delta (CLLD) indicates more long liquidations, the absence of a magnetic zone could restrict an upside movement.

Cardano’s ADA may be heading for another decline, with indicators suggesting a potential drop to $0.42. The bearish bias is backed by technical data and on-chain metrics.

ADA Slips Below Crucial Support

According to a session posted on YouTube by More Crypto Online, the Elliot Wave confirmed that ADA had slipped below the crucial $0.48 support, invalidating any bullish bias. The channel noted that ADA might break down or move sideways as it has only seen a 3-wave corrective rally, which is typically not bullish. If ADA slides down Wave 5, it could signal a large degree of downswing, potentially dropping the price of the Cardano native token to $0.42.

Sellers Take the Offensive

The Elliot Wave, a technical theory that looks at recurrent price patterns, suggests that sellers are currently on the offensive. Open Interest (OI), the sum of all open positions connected to a contract in the derivatives market, was $548.6 million at press time, a decrease from the value seven days ago. This sugges... Read the full article for FREE at COINOTAG!