Cardano Price Forecast: ADA eyes 13% drop as crypto markets buckle under bearish pressure

Cardano (ADA) price is seeing its most important audience leaving price action at large. Medium-term investors are heading for the exit as several dark clouds form above the cryptocurrency industry. Already two banks have collapsed in the US. The uncertainty is making investors choose cash instead of leaving it at risk in Cardano.

Cardano price sees bears clawing the life out of bulls

Cardano price is in funeral mode as it becomes clear that the bull run for 2023 is dead and buried. With bears thus far successful in squashing any breakout attempt, it has become clear that bears are nowhere near cashing in on their profitable short positions. Proof of that is the many red markups on the red descending trend line that demonstrates such huge respect.

ADA only has a few cents to go to hit $0.30 with the monthly S2 and a pivotal level all falling in line very close to one another. Expect enormous pressure on that area with bears reluctant to start buying and cash in on their profit. Seeing bearish momentum is on the bears’ side, expect to see a sharp move lower toward $0.265 with another 13% on top of the already 22% loss from the past three weeks.

ADA/USD  4H-chart    

From a technical point of view, the Relative Strength Index (RSI) could trigger some buying in ADA regardless. Several automated trading engines will have notices that the RSI is oversold, which means that a small pause should get underway. Do not expect a sudden 180-degree move up, but rather a pop toward $0.324 is possible if bulls can break that red descending trend line.