📉【Cardano (ADA) price faces 22% downside risk! 】📉
🔍 Overview of key points:
Risk of price decline: Cardano (ADA) price faces 22% downside risk, mainly due to increased market selling pressure and reduced on-chain activity. Recent performance: ADA price has fallen by 0.6% in the past 24 hours and is currently trading at $0.399, showing continued selling pressure. Technical indicators: ADA price has fallen below the 50-day and 200-day exponential moving averages (EMA), showing a bearish trend. Support level: The current main support level is $0.30, and if it falls below, it may fall further to the year's low of $0.3165. On-chain activity: Recently, on-chain transaction volume has dropped to $150 million, far lower than $11.5 billion in March, resulting in insufficient market confidence. Regulatory dynamics: Although the SEC recently clarified that ADA is no longer considered a security, bringing a certain degree of regulatory clarity, the market reaction is still weak. Relative Strength Index (RSI): The current RSI is 45.63, suggesting that the market may fall further in the oversold range.
📊 Market Outlook:
If market conditions remain unchanged, ADA may fall to the $0.30 support level, further testing the lows of the year. Although the latest statement from the SEC has brought regulatory clarity to ADA, technical indicators and market sentiment still put pressure on prices.
🔍 Investor Advice:
Focus on support levels: Pay close attention to ADA's performance at the $0.30 support level. If it falls below, you may need to adjust your investment strategy. Observe on-chain activities: Changes in on-chain activities may affect ADA's market performance. It is recommended to pay attention to relevant data.
📢 Conclusion:
The price of Cardano (ADA) faces a significant risk of falling, with increased market selling pressure and reduced on-chain activities being the main factors. Investors should be cautious and pay close attention to price movements and market dynamics.
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