Cardano Faces Bearish Signals, Analyst Predicts Positive Correction Ahead

Cardano, a cryptocurrency, is currently facing bearish signals, with a potential correction predicted by chart analyst Alan Santana. Santana observes that Cardano has experienced five consecutive weeks of decline, which suggests a possible downturn in its price. The breach of the support level at $0.5800 further supports this bearish outlook. Santana’s analysis of altcoin charts indicates that corrections often gravitate towards specific Fibonacci retracement levels after significant price surges. For Cardano, this could mean a potential support range between $0.4444 and $0.3450. However, Santana also notes that Cardano has been lagging behind other altcoins, making it more likely to continue trailing rather than catch up. Besides technical indicators pointing to a bearish trend, Santana emphasizes the importance of market conditions and urges caution until there are significant changes on the chart. As of now, Cardano’s price stands at $0.5816, with a 1.89% decrease in the last 24 hours. If the correction persists, potential support levels for ADA may lie within the aforementioned range.