Cardano Breaks Below $0.50, Increasing Risk of 50% Correction

by Aurelia Butler 26 May 2022, 13:00 99 Views

Cardano (ADA) has dipped below the $0.50 support level over the last few hours. If ADA were to close below this vital demand zone, there will be an increased risk of a 50% correction toward $0.25.

This possible pessimistic outcome derives from the formation of a bear pennant pattern on ADA’s 12-hour chart.

The only way for Cardano to prove the bearish thesis wrong is to claim the $0.55 support. This could prove to be difficult considering the low trading volumes in the crypto markets at the moment.

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Source: Cryptocurrency - investing.com

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Cardano Breaks Below $0.50, Increasing Risk of 50% Correction

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