Bearish flag pattern threatens further downside as network achievements fail to counter market-wide selloff.
What's Happening:
$ADA falls 5.61% to $0.3818 amid broader crypto market rout
Midnight privacy-focused sidechain successfully launched on mainnet
Pyth Network integration delivers high-quality price feeds to Cardano DeFi
Technical analysis shows bearish flag pattern with potential drop to $0.19 in worst case
Why It Matters: Cardano continues executing on its technology roadmap with the Midnight launch and Pyth integration - both crucial for DeFi growth. However, the market isn't rewarding development progress during this fear-driven selloff. The inclusion in Bitwise Crypto 10 ETF earlier generated brief excitement, but derivatives data shows reduced confidence with elevated short positions.
Technical View: ADA struggles at $0.38 with a bearish flag pattern forming on daily charts. Critical support at $0.3773 (24h low) - losing this could accelerate decline. Resistance at $0.4065. Open interest in ADA futures declining, suggesting traders are reducing exposure. Fear & Greed at 11 may signal capitulation bottom.
🎯 Key Levels:
Support: $0.3773 | Resistance: $0.4065
24h Range: $0.3773 - $0.4065
💡 Development milestones matter long-term, but in extreme fear markets, everything bleeds together
What's your take? Drop a 🔥 for bullish, ❄️ for bearish 👇
#Cardano #ADA #Midnight #DeFi #CryptoNews
Disclaimer: This content is for educational purposes only and should not be considered financial advice. Always do your own research (DYOR) before making any investment decisions.
