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Cardano (ADA) Slips Back—Bulls on Edge as Gains Disappear
The cryptocurrency market has been in a state of turmoil recently, with many altcoins experiencing significant losses. One such coin is Cardano (ADA), which has seen its value plummet after failing to break through the $1.20 resistance level.
As of this writing, ADA’s price has dipped below the 50-day simple moving average (blue) and has broken below several key resistance levels. This decline has left bulls on edge, as they had previously been riding a strong upward trend.
In a shocking turn of events, ADA’s value surged by over 60% in response to Trump’s announcement, breaking through various important hurdles near $0.750. The coin even managed to climb above the $0.850 resistance zone and surpass the 50-day simple moving average (blue).
However, it appears that this upward momentum was short-lived. The bears were not about to let ADA continue its impressive run without a fight, and they have successfully taken control of the market.
Despite the recent decline, there are still many who believe in the long-term potential of Cardano. These bulls are likely holding their breaths as ADA’s price is now down over 20% and has slipped below the 50-day simple moving average (blue).
