Cardano Breaks Below $0.50, Increasing Risk of 50% Correction -Breaking
- (ADA) fell below $0.50 support.
- A 50% correction towards $0.25 is possible.
- After a 2.93% price drop over 24 hours, ADA now has a value of $0.5024
Cardano (ADA), has fallen below $0.50 support in the past few hours. There is a greater risk that ADA will close below the vital demand zone. This would increase the chance of a 50% correction towards $0.25.
This possible pessimistic outcome derives from the formation of a bear pennant pattern on ADA’s 12-hour chart.
Cardano’s only chance to disprove the bearish thesis would be to take the $0.55 support. It could prove difficult given the small trading volume in crypto markets right now.