The post ADA Price Drops 18% as Bearish Pressure Dominates appeared on BitcoinEthereumNews.com.
Cardano’s (ADA) price has dropped 30% in a month and roughly 18% in the past two weeks. Its market cap has now fallen to $27 billion, reflecting the broader weakness in altcoins. Technical indicators, including a rising ADX and a bearish Ichimoku Cloud setup, suggest that ADA’s current downtrend is strengthening. With key support at $0.519 and a potential downside of $0.32, ADA needs a strong reversal to reclaim $0.78 and push toward the $1 mark. Cardano ADX Shows the Current Downtrend Is Very Strong Cardano ADX has surged to 44, up from just 11.2 three days ago, signaling a sharp increase in trend strength. Since ADX measures the strength of a trend without indicating direction, this jump confirms that ADA’s current price movement is gaining momentum. Given that ADA is in a downtrend, this rising ADX suggests that bearish pressure is intensifying rather than weakening. ADA ADX. Source: TradingView. ADX values above 25 indicate a strong trend, while readings above 40 suggest an even more dominant market move. With ADA’s ADX now at 44, the ongoing downtrend appears well-established, making a reversal less likely unless a significant shift in buying activity occurs. If selling pressure continues, ADA could face further downside, with lower support levels coming into focus. ADA Ichimoku Cloud Shows a Bearish Scenario Cardano Ichimoku Cloud setup confirms a strong bearish trend. The price is trading well below the cloud, which is a clear sign of downside momentum. The future cloud is also turning bearish, suggesting that selling pressure is likely to continue. Additionally, the Tenkan-sen (blue line) remains below the Kijun-sen (red line), reinforcing the short-term bearish outlook. ADA Ichimoku Cloud. Source: TradingView. For ADA to reverse this trend, it would need to break back above the cloud and establish it as support. However, with the…