Is ADA Going to $0.23? Why Analysts Are Suddenly Bearish on Cardano

Cardano (ADA) has come under renewed pressure as key technical signals point to continued weakness. The asset is trading at around $0.37, with a market cap of $13.6 billion. Its 24-hour trading volume stands at $576 million. Over the past seven days, ADA has fallen by almost 9%, adding to a larger drawdown seen in recent weeks.

Monthly MACD Turns Bearish

The MACD on the monthly chart has crossed bearish. This signal shows a shift in momentum and is often used to track longer-term price trends. In a past instance, this same signal marked the start of an 81% drop in ADA’s value. According to analyst Ali Martinez, the current crossover has already been followed by a 32% decline.