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The bear pennant, a classic continuation pattern, formed after ADA’s sharp drop from $1.15 to $0.713. The consolidation that followed was a symmetrical triangle, but the pattern has now broken to the downside.
The breakdown has sent ADA to $0.714, and technical projections suggest a measured move toward $0.464 by April, aligning with the magnitude of the previous downtrend.
The RSI, at 44.06, remains bearish, suggesting further weakness, while declining momentum confirms the pattern’s validity.
On-Chain Data: Cardano Whales Are Selling ADA
On-chain data from Messari, which tracks the supply of ADA held in addresses with at least 1,000,000 ADA, supports the technical bearishness.
Note that:
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