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Cardano (ADA) Faces ‘Death Cross’ as Bulls Seek Comeback
The cryptocurrency market has been witnessing a significant shift in recent times, with many assets experiencing substantial losses. The crypto community is abuzz with the news that Cardano’s (ADA) price has been struggling to find its footing and now faces an impending “death cross” formation.
As of this morning, ADA’s daily chart shows a bleak outlook, as it is likely to form a death cross if it closes below the 50-day simple moving average (SMA). This bearish signal could prove detrimental for bulls who are trying to mount a comeback.
Bulls and bears alike are now focused on ADA’s impending “death cross” formation. If this scenario unfolds, there is an increased likelihood of a sell-off as investors might be prompted to take profits.
In the event that Cardano closes above the SMA 50, it could signify renewed buying interest. However, if the asset breaks and holds below this important support zone, a sharp drop to $0.60 or even $0.50 can’t be ruled out entirely.
As the market watches for the potential death cross formation, ADA bulls are trying to hold onto essential support zones and push for a reversal. The coming sessions might be crucial in determining the direction of ADA’s next move.
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Source: https://u.today/cardano-ada-faces-death-cross-as-bulls-seek-comeback
