Cardano (ADA) could be in for a 20% correction as the market indicators point to bear pressure. In an X post on Monday, analyst Ali Martinez warned that a breakdown below $1.10 could open the door to further declines. If ADA goes below the $1.03 level, it can confirm the shift with $0.88 as the next significant support.
Bearish Signals and Support
Martinez pointed out the TD Sequential indicator on the 3-day chart, which showed a sell signal, in line with Martinez’s bearish view. A breakdown of the $1.10 mark and a drop below $1.03 could cement the bearish thesis and push ADA toward lower levels. In this case, ADA would be well on its way to a 20% slide, with $0.88 being a critical level of interest.
As of press time, ADA is still at $1.09, a 2.19% rise within the last 24 hours. Over the last week, Cardano has been trading between $1.05 and $1.19, and the price is currently struggling to break through the $1.15 level. According to Martinez, this could lead to the coin’s failure to hold bullish momentum at the $1.10 level, and if it trades below this level, the selling pressure will increase even more.
TD Sequential Sell Signal
This sell signal is important for ADA traders using the TD Sequential. ADA could experience increased selling pressure in the coming days, potentially leading to further price declines if the trend continues.
Bitcoin Holds $92K; ADA and Altcoins Struggle in Market DipThe decline in ADA value could pose a major challenge to the market as many traders are keenly waiting for further losses. These next few days will be important for Cardano as the crucial levels are probed, and the further development of ADA may go in either direction.
