In his latest technical analysis of Cardano (ADA) price, crypto analyst Ali Martinez stated that the altcoin has lost a significant support level and may be facing a deeper correction.
According to the chart shared by Martinez, Cardano has been moving within an ascending parallel channel since the end of June. During this period, the ADA price rose from $0.138 to $0.282, showcasing a remarkable performance.
However, the analyst stated that with the recent price movements, ADA has broken below the lower boundary of the ascending channel, which technically signals a decline.
According to Martinez, the most critical level to watch for Cardano’s price is $0.220. He stated that if this level continues to act as resistance, selling pressure could increase, predicting that ADA could lose approximately 20% of its value, falling to $0.166.
At the time of writing, ADA is trading at $0.208.
*This is not investment advice.
