Cardano Breaks Below $0.50, Increasing Risk of 50% Correction

2022.05.26 16:21

Cardano Breaks Below $0.50, Increasing Risk of 50% Correction

• Cardano (ADA) has dipped below the $0.50 support level.
• There will be an increased risk of a 50% correction toward $0.25.
• ADA is worth $0.5024 after a 2.93% drop in price over the last 24 hours.

Cardano (ADA) has dipped below the $0.50 support level over the last few hours. If ADA were to close below this vital demand zone, there will be an increased risk of a 50% correction toward $0.25.

This possible pessimistic outcome derives from the formation of a bear pennant pattern on ADA’s 12-hour chart.

The only way for Cardano to prove the bearish thesis wrong is to claim the $0.55 support. This could prove to be difficult considering the low trading volumes in the crypto markets at the moment.

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