Cardano (ADA) has come under renewed pressure as key technical signals point to continued weakness. The asset is trading at around $0.37, with a market cap of $13.6 billion. Its 24-hour trading volume stands at $576 million. Over the past seven days, ADA has fallen by almost 9%, adding to a larger drawdown seen in recent weeks. Monthly MACD Turns Bearish The MACD on the monthly chart has crossed bearish. This signal shows a shift in momentum and is often used to track longer-term price trends. In a past instance, this same signal marked the start of an 81% drop in ADA’s value. According to analyst Ali Martinez, the current crossover has already been followed by a 32% decline. The histogram on the MACD is also below zero. This suggests that downward pressure is still building. If the pattern repeats, analysts are watching for possible support near the $0.23 level. “The last time the monthly MACD crossed bearish, Cardano $ADA dropped 81%,” said Ali Martinez. “The recent crossover has already led to a 32% decline.” Meanwhile, ADA continues to trade below its key moving averages on the weekly chart. The 9-week EMA is at $0.45, and the 21-week EMA is at $0.66. The current price remains under both, showing that momentum is still weak. Cardano (ADA) Price Chart 22.12. Source: TradingView In addition, the Awesome Oscillator also remains in negative territory at -0.28. The bars on the indicator are red and growing. This reflects rising bearish strength and a lack of buying activity. The trend has been in place for several months without signs of recovery. Futures Data Shows Less Market Interest Futures open interest for Cardano is now at around $660 million, according to CoinGlass data. This marks a sharp drop from levels above $1 billion seen earlier this year. Most of that decline has come after October, as price and participation both moved lower. Traders are now less active in leveraged positions. This shift often shows reduced interest in short-term speculation. The connection between falling prices and open interest reflects a weaker overall market setup. Adding to this, market data shows a bearish tone among both retail and institutional participants. Market Prophit reports that both crowd and platform sentiment for ADA are negative. Whale wallets have sold 120 million ADA in the past two months. ADA’s inability to hold that level earlier in the year remains a key point. With no reversal signs in place, selling pressure continues to weigh on the asset. The post Is ADA Going to $0.23? Why Analysts Are Suddenly Bearish on Cardano appeared first on CryptoPotato .
