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Clear 18% Decline Signal in Cardano: Only One Exit Path is Also Clear
Cardano's price has spent most of this month in a narrow range. It has risen about 0.5% in the last 24 hours, down about 1.6% on a weekly basis, and is still trying to resist a larger decline.
A classic bearish formation has emerged on the chart, but on-chain data and capital flows do not yet fully support the decline. This is exactly the tension that determines the price of ADA.
Head and Shoulders Formation Signals Danger
In the daily chart, it is seen that Cardano is progressing towards validating the head and shoulders formation. The neckline connecting the swing lows is downward sloping: This means that buyers are willing to defend the price at lower levels each time.
A classic bearish formation has emerged on the chart, but on-chain data and capital flows do not yet fully support the decline. This is exactly the tension that determines the price of ADA.
Head and Shoulders Formation Signals Danger
In the daily chart, it is seen that Cardano is progressing towards validating the head and shoulders formation. The neckline connecting the swing lows is downward sloping: This means that buyers are willing to defend the price at lower levels each time.
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