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The neckline support sits around $0.705, a crucial level to monitor. If ADA breaks below this zone, it could confirm the double top formation, potentially triggering a sharp decline toward $0.39, the projected downside target based on the pattern’s height, by June.
That marks a potential 45% decline in the coming months.
Technical indicators further support caution. The Relative Strength Index (RSI) hovers near 56, reflecting weakening momentum after peaking in overbought territory.
Additionally, ADA’s price tests the 50-week exponential moving average (EMA) at $0.668, with the 200-week EMA at $0.545 acting as deeper support. A close below these moving averages could reinforce bearish pressure.
If the bulls defend the neckline, ADA could attempt another breakout. However, a confirmed breakdown risks accelerating sell pressure, dragging the price toward lower support levels.
Cardano Confirms NASA Collaboration
The technical bearish outlook for ADA appears against persistent selling by Cardano whales in recent weeks, reiterating the downside bias.
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