ADA - That Doesn't Look Too Promising! More Downside Potential A

ADA's recent performance has been very weak. As a result, the token has constantly gotten closer to its bear market low. While ADA currently trades at a level slightly above 30 cents, the bear market's low is only 6 cents away.

In addition, the ADA's long-term chart (1D) doesn't look very promising. On the contrary, the token has been trading in a descending channel since April.

The descending channel is a chart pattern marked by constant lower highs and lower lows (marked with red).

Obviously, this chart pattern is considered highly bearish. As long as ADA cannot a) create a higher high and b) break out of the channel to the top, we can expect continuation and more downside potential.

By the way, in terms of trading, such channels are a blessing :)