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<p>The post <a href="https://coinpedia.org/price-analysis/is-cardano-price-about-to-crash-how-low-can-ada-price-plunge/">Is Cardano Price About to Crash? How Low Can ADA Price Plunge?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Cardano (ADA) price has struggled to rally beyond the 200 weekly Moving Average (MA) since early December last year. With a fully diluted valuation (FDV) of around $26 billion, the large-cap altcoin faces short-term weakness similar to Bitcoin’s.&nbsp;</p> 
<p>Furthermore, ADA price has dropped about 3.4 percent in the past week to trade around 58 cents on Friday during the early New York session. Additionally, the rise of low-cap altcoins like fan tokens and AI-crypto tokens has expedited the ongoing cash rotation.</p> 
<p>Nevertheless, Cardano (ADA) holders have seen their portfolios grow by around 167 percent since the October crypto breakout.&nbsp;&nbsp;</p> 
<h2 class="wp-block-heading" id="h-cardano-ada-price-action">Cardano (ADA) Price Action</h2> 
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   <p lang="en" dir="ltr">The TD Sequential indicator shows a sell signal on the <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a> 3-day chart. It's important to note that the last two times this indicator signaled bearish, <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> experienced a price correction!<br><br>If you’re planning to join me in this trade, go to <a href="https://twitter.com/coinexcom?ref_src=twsrc%5Etfw">@coinexcom</a>, and sign up using my… <a href="https://t.co/huu01fFcrL">pic.twitter.com/huu01fFcrL</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1760972502132535740?ref_src=twsrc%5Etfw">February 23, 2024</a>
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<p>According to a famous crypto analyst Ali Martinez, ADA price is on the precipice of short-term correction based on the TD Sequential indicator on the 3-day chart. Notably, the TD Sequential indicator has previously signaled sell signals that materialized in subsequent days.&nbsp;</p> 
<p>A possible weekly reversal pattern bolsters the ADA’s bearish outlook.&nbsp;</p> 
<p>A possible double top coupled with the bearish divergence on the Relative Strength Index (RSI) has signaled short-term weaknesses.</p> 
<p>According to the weekly Auto Fibonacci Retracement, the ADA price will find solid support around the 0.618 level, around 40 cents.</p> 
<h2 class="wp-block-heading" id="h-market-outlook">Market Outlook</h2> 
<p>The Cardano core developers led by co-founder Charles Hoskinson have been working on next-gen layer two scaling solutions through the Hydra head and Mithril. Cardano’s web3 ecosystem currently has around $378 million in Total Value Locked (TVL) and $18 million in stablecoins market cap. As a result, the Cardano network is well-positioned to capitalize on the macro crypto bull run in the coming quarters.</p>

Is Cardano Price About to Crash? How Low Can ADA Price Plunge?

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