While the majority of assets in the cryptocurrency market continue to suffer a bearish price movement trend, things are not much different for Cardano (ADA), which has just completed its eighth weekly red candle in a row.
Specifically, the closing price for Cardano in the previous eight weeks was below both the price at which it opened and previously closed, and the continuation of the weekly bearish pattern could be in store, as per the data retrieved on September 12.
What it means for ADA price
Analyzing the chart, the last green candle for the eighth-largest cryptocurrency by market capitalization was last glowing in the week between July 11 and 17, 2023, following a red candle pattern in the weeks since then.
As such, the price of Cardano is well on its way to filling the red candle wick it had created in June when the weekly trading closed on a strong note where the sellers dominated, but the buyers managed to push ADA prices up.
According to pseudonymous crypto analyst CoinsKid, ADA could drop further towards the $0.185 zone, although some relief into the 20-period weekly exponential moving average (EMA) – at around $0.30 – could be in store.
On top of that, crypto analyst Benjamin Cowen wrote in a recent X post that ADA could be in for a protracted “depression phase” that could start once the price of ADA falls below $0.24, expecting it to persist until the expected return of quantitative easing (QE), which he believes could happen sometime in 2024.
Cardano price analysis
At press time, Cardano was changing hands at the price of $0.245, indicating a decline of 0.69% in the last 24 hours, in addition to losing 4.41% across the previous seven days and dropping 15.61% in the past month, as the recent charts demonstrate.
All things considered, Cardano remains under the pressure of the pessimistic sentiment on the wider crypto market, as well as the recent redistribution of the token that saw ADA whales selling or moving around 1.02 billion ADA in a single week.
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