Incoming Supply Warns A Crash in Cardano!ADA has reversed within its consolidation range.
Experienced a 2.78% drop, suggesting a potential bearish breakdown.
A breakdown could push ADA to as low as $0.20.
In the 1-day chart, ADA continues to form lower highs.
The price has moved below the 50-day EMA, leading to a resistance trendline formation.
ADA struggles to breach an overhead trendline.
The coin trades in a tight range between $0.265 and $0.235.
There's a possible formation of a double bottom pattern at the support zone.
Technical Indicators:
MACD: Indicating a bearish crossover.
RSI: Maintains an uptrend, suggesting bullish divergence.
If Bitcoin drops more than 1%, it could trigger a larger market-wide correction.
Potential outcomes:
A drop below $0.235 might result in a decrease to $0.20.
A bullish reversal from $0.235 could lead to a 10% price jump to $0.25.
