Cardano

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-faces-new-risks-and-potential-price-decline/" data-wpel-link="internal">Cardano Faces New Risks and Potential Price Decline</a><br></p>
<p style="text-align: justify"><strong>Crypto currency</strong> world <a href="https://en.coin-turk.com/bitcoin-enthusiasm-grows-as-investors-anticipate-etf-approval/" data-wpel-link="internal">ADA</a> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> have been waiting for a $1 <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> tag for a long time. However, a metric emphasizes that ADA price might follow a downward trend before this price tag is achieved. Such an occurrence would mean a 50% decline in ADA price. Let’s examine the details of such a risk together.</p> 
<h2 style="text-align: justify" id="new-risk-emerges-for-cardano">New Risk Emerges for Cardano</h2> 
<p style="text-align: justify">The crypto channel More Crypto Online stated that Cardano’s (ADA) bottom level has not yet been reached and another decline could happen soon. During a session broadcast on YouTube, the host mentioned that the Elliot Wave Theory signaled this.</p> 
<p style="text-align: justify">According to the channel’s explanation, the metric indicating this decline observed “just a three-wave corrective rally. Such rallies usually do not show an upward trend and there is a situation where ADA might show a downward break or horizontal trend.”</p> 
<h2 style="text-align: justify" id="sellers-on-the-aggressive-side">Sellers on the Aggressive Side</h2> 
<p style="text-align: justify">Elliot Wave is a technical theory analyzing price movements. This allows traders to identify the peaks and troughs of cycles. However, More Crypto Online mentioned that ADA falling below the $0.48 support indicates the end of the uptrend.</p> 
<p style="text-align: justify">In this case, it is likely that the price will move downward from Wave 5. This could largely indicate a decline and could pull Cardano’s price down to $0.42. Currently, the crypto currency ADA’s price is at $0.45 and has experienced a 2% decrease in the last 24 hours.</p> 
<h2 style="text-align: justify" id="cardano-shows-decline-trend-as-open-interest-drops">Cardano Shows Decline Trend as Open Interest Drops</h2> 
<p style="text-align: justify">An increase in the indicator usually reflects an increase in net buying positions. This situation shows that buyers, i.e., long-focused position holders, are more active. However, Cardano’s open interest (OI) value was $548.6 million while writing this.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-348135 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/santiment-ada-.png" alt="" width="1919" height="699"></p> 
<p style="text-align: justify">The figure shows a decrease compared to the value seven days ago. In this case, it is possible to say that sellers, i.e., short-focused position holders, are more active. If this decline is not controlled, the accuracy of the $0.42 prediction can be confirmed.</p> 
<p style="text-align: justify">Although the data points to such a level for ADA, it is necessary to mention that the price movement of the cryptocurrency ADA could change depending on Bitcoin. Such a situation will inevitably invalidate this bearish thesis.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-faces-new-risks-and-potential-price-decline/" data-wpel-link="internal">Cardano Faces New Risks and Potential Price Decline</a></h5>

Cardano Faces New Risks and Potential Price Decline

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