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<p>According to Alan Santana, a chart analyst on TradingView, the weekly chart of Cardano (ADA) is sending bearish signals, suggesting a potential correction in the cryptocurrency’s price. In his <a href="https://www.tradingview.com/chart/ADAUSDT/WSaLsg5d-Cardano-Correction-Update/" target="_blank" rel="noopener noreferrer nofollow">analysis</a>, Santana examines the downward trend and explores the possible extent of the correction.</p>
<h2 class="wp-block-heading" id="strong-five-weeks-of-decline-a-bearish-signal-strong"><strong>Five Weeks of Decline: A Bearish Signal</strong></h2>
<p>Santana highlights that Cardano has experienced five consecutive weeks of price declines, a pattern that can indicate either an impending bearish move or a developing bearish trend. Moreover, the fact that the support level around $0.5800 has been breached after holding for five weeks further reinforces the bearish signal.</p>
<h2 class="wp-block-heading" id="strong-potential-correction-range-strong"><strong>Potential Correction Range</strong></h2>
<p>Based on his analysis of approximately 150 altcoin charts that had already grown 2-3 times beyond 100%, Santana suggests that corrections tend to test a price range between the 0.618 and 0.786 Fibonacci retracement levels of the entire move since the 2023 low (or 2022 low in some cases). Consequently, for <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="Cardano" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">Cardano</a> (ADA), this support range would be between $0.4444 and $0.3450.</p>
<p>While Santana acknowledges the possibility of Cardano continuing to grow or move higher before a potential correction, he notes that the cryptocurrency has been lagging behind other altcoins. Therefore, it is more plausible to assume that Cardano will continue to lag rather than catch up.</p>
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<h2 class="wp-block-heading" id="strong-technical-indicators-and-market-conditions-strong"><strong>Technical Indicators and Market Conditions</strong></h2>
<p>The weekly chart for Cardano is currently producing a break below the 10-period exponential moving average (EMA10) with a strong bearish candle, and the Relative Strength Index (RSI) is turning red. Santana emphasizes that until market conditions and the chart change, the wise decision is to remain bearish.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="357" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-1024x357.png" alt="" class="wp-image-468131" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-201.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-300x105.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-766x267.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-1536x536.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-2048x714.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-430x150.png 430w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-100x35.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-1004x350.png 1004w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-201-788x274.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>According to CoinGecko, the current price of Cardano (ADA) is <a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noopener noreferrer nofollow">$0.5816</a>, representing a 1.89% price decline in the last 24 hours. However, if the correction continues, Santana’s analysis suggests potential support levels between $0.4444 and $0.3450.</p>
<p>While Santana’s analysis provides insights into the potential bearish trend for Cardano, it is essential to note that cryptocurrency markets are highly volatile, and individual investment decisions should be made based on thorough research and personal risk assessment.</p>
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<p>The post <a href="https://captainaltcoin.com/cardano-at-crossroads-technicals-indicate-ada-price-correction-key-metrics-to-watch/" rel="noopener noreferrer nofollow">Cardano at Crossroads: Technicals Indicate ADA Price Correction – Key Metrics to Watch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Cardano at Crossroads: Technicals Indicate ADA Price Correction – Key Metrics to Watch

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