Cardano nears a depression phase as ADA price hits 2023 lows

September 11, 2023 05:04 PM AEST | By Invezz

Cardano nears a depression phase as ADA price hits 2023 lows — Image source: Invezz

Impending Cardano slump?

Cardano exhibits an ugly near-term outlook after welcoming Monday on a bearish foot. ADA plunged towards $0.245 early today, threatening more plummets. The last time Cardano declined beneath $0.25 was in late December and early 2023, following FTX’s crisis, which dented the overall market.

Nonetheless, the alt recovered to $0.40 the following month. That might not happen this time as bears fight for dominance.

The digital token has never been this depressed since 2020’s bear market when it hovered between $0.16 and $0.18 for some months before surging beyond $0.30. Further, Cardano has lost 92% since its $3.09 ATH of September 2021.

ADA has performed worse compared to Binance Coin (BNB), which struggles to remain afloat despite attack from regulators globally. Invezz.com reported how exchange Binance’s troubles dent BNB’s sentiment.

ADA price outlook

ADA price reflects weakness around the $0.25 mark (support-switched-resistance). Failure to recover will welcome dips towards $0.24 before exploring the $0.22 lows. Its daily chart remains red as bears control the wheel.

While Cardano threatens more declines with its bearish flag setup, the alt displayed a rejection candlestick lately, showing sellers’ weakness.

A potential 24-hour candle closing beyond $0.2534 upon the upcoming retest would annul the bearish outlook. That would confirm a false breakdown, possibly catalyzing ADA surges to higher levels.

Watching upcoming Cardano updates and developments in the broad financial space remains crucial to understand ADA’s next directional move.

The post Cardano nears a depression phase as ADA price hits 2023 lows appeared first on Invezz.

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