The Cardano (ADA) price has broken down from a long-term support level, signaling the final portion of its capitulation.
Similar to the rest of the crypto market, the Cardano (ADA) price had fallen since Aug. 2021, when it reached a maximum price of $3.10. The decrease led to a low of $0.30 in Nov. 2022.
Additionally, it broke down from the $0.35 horizontal area. This is a crucial bearish development since the area had been in place since Jan. 2021.
The entire drop was preceded by a bearish divergence in the weekly RSI (black line), though there was no negative Cardano news to affect the price. The bearish divergence trend line is still intact.
On the other hand, the bullish divergence trend line (green) is now broken, further supporting the bearish Cardano price forecast.
Due to these factors, the weekly time frame technical analysis suggests that the continuation of the Cardano price decrease is expected. This could…
