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Cardano Price Analysis May 27 (ADA)

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Cardano is in a similar situation today as Ethereum, with Cardon also falling below the key support level of $0.50. This has caused the bias to turn bearish, and the next closest support zone is at $0.39. In result, ADA has been struggling this week, closing this last week in the loss with a 14.2% in the red.

We may be expecting the cryptocurrency as a whole to fall lower before a potential recovery. Buyers seem less likely to step in at this time, because the next critical support level is much lower than current price.

Looking forward, is ADA has to do is not close below $0.39 but hold above it on the daily candle. This level of $0.39 is the high of May 2018 and was confirmed to be a critical level in January 2021 before it rose to $3. If ADA fails to hold this level it will put ADA into severe correction reaching a 90% drop from it’s all-time high.

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