It is not every day that Ansem, a trader who has earned a solid reputation over the past year as one of the sharpest minds in the crypto space – especially known for his focus on Solana – turns his attention to Cardano (ADA). But here we are, with the expert trader releasing a detailed ADA price outlook that is turning heads, primarily because it does not exactly scream optimism.
The chart he shared paints a picture of ADA trapped in a downtrend, with lower highs and lower lows stacking up over the past few months.
The $0.7786 level, identified as a key resistance zone, has been a brick wall for ADA, with the price repeatedly bouncing off it. This indicates that sellers are in control every time the price attempts to push higher.
What is interesting, though, is what is missing from the chart – no flashy indicators like moving averages or RSI, just raw price action telling a story of consolidation and indecision.
Related
Right now, ADA is trading within a range, and Ansem believes it is at a crucial crossroads. Either it continues below the current support and heads toward $0.4, or it somehow finds the strength to break above the stubborn $0.80 resistance and flip the script, if the price manages not to take a roundtrip.
But here’s the catch – Ansem is not holding his breath for a miracle breakout as his general outlook on the crypto market has been bearish for some time, and this Cardano analysis fits right into that narrative.
Related
Without some major fundamental shift to shake things up, he seems to think the path of least resistance is down, and a 50% drop from current levels is not off the table.
