ADA Plunges 10% in 24 Hours, Volume Surges Amidst Bearish Trend

Cardano (ADA) has experienced a significant decline of nearly 10% in the last 24 hours, marking a 30% correction over the past month. Despite this sharp drop, trading volume has surged by 123% in the same period, reaching $1.4 billion. This increase in volume suggests heightened market activity, likely driven by intense selling pressure.

The recent price action has been accompanied by a shift in technical indicators. ADA's BBTrend, an indicator derived from Bollinger Bands that measures the strength and direction of a trend, has moved into positive territory, rising from -0.90 to 2.83. This suggests a growing buying interest, although the current level is still significantly below the levels seen during its previous rally in mid-February.

The Ichimoku Cloud for ADA shows a strong bearish trend, with the price trading well below the cloud. The Leading Span A (green line) is below the Leading Span B (red line), and the Tenkan-sen (blue line) is positioned below the Kijun-sen (red line), reinforcing the selling pressure. The Chikou Span (green lagging line) is also below the price action, confirming the overall bearish outlook.

Cardano's price has dropped 18% in the last two days, with its EMA lines forming a strong bearish setup. If this downtrend continues, ADA could fall further to $0.50. However, if ADA manages to reverse this trend, there is potential for a significant recovery, with resistance levels at $0.73 and $0.82, and a potential upside of 40% to $0.90.