Cardano Red Month Is Far From Over: Analyst Predicts Crash To This Target

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Like other altcoins in the space, the Cardano price has suffered a tremendous amount of losses over the last few months. This relentless sell-off has pushed the ADA price so low that it is now sitting at levels not seen since the last bear market. Even now, Cardano remains in danger of further decline , as explained by crypto analyst Lingrid in a recent analysis. Why Cardano Could Crash Further The major problem being faced by the Cardano price now is that the bulls have failed a number of times to reclaim control from the bears. With each failure, the hold by the bears becomes stronger, furthering the possibility of a bearish continuation. Related Reading Bitcoin Bear Market Could Be Shrinking, But Are We Watching History Repeating Itself? 18 hours ago In the analysis, crypto analyst Lingrid revealed that Cardano remains below the consolidation support at $0.26. As a result of this, the cryptocurrency has now started moving below its former structure. At the same time, the price is also below the descending resistance, showing a lot of weakness. Despite the recent recovery, the fact that the altcoin’s price eventually moved back downward proved that bears are still in control of the market. The downside of this is that the bearish continuation is likely from here, especially as the price has also been rejected at $0.26, and the price could crash further . The only way this move gets invalidated is if the Cardano price were to successfully reclaim and break above $0.27 again. Source: TradingView 6 Months Of Red With the red close of the month of February, Cardano marked five consecutive months of red closes , making it the third time in history that this has happened, according to data from CryptoRank . The first time was back in 2021-2022, when the bear market had begun, and then again, that year, Cardano recorded another five consecutive months of red closes. Related Reading Pundit Says XRP Price Could Reach $1,000 By End Of 2026 If This Happens 1 day ago While the last time ended with a major surge in the sixth month, the Cardano price is already down by more than 11% in the month of March, suggesting that the red trend could continue. Now, back in 2021-2022, was the first time in history that the digital asset saw 6 red monthly candles, and what followed was interesting. Source: CryptoRank After the sixth month of red in February 2022, the Cardano price had begun to surge , eventually ending the next month with gains of 18%. However, after this, the bleed continued, and Cardano fell further. Now, if this trend were to repeat itself, then the cryptocurrency could see a relief bounce after the sixth month of red. But this would not mean an end to the decline, but rather, a precursor to more decline. Price continues to trend below $0.26 | Source: ADAUSDT on Tradingview.com Featured image from Dall.E, chart from TradingView.com