A mix of fundamental and technical indicators suggests more pain for Cardano bulls ahead.
Cardano (ADA) pared a big portion of the weekly losses incurred during this week’s crypto market rout. ADA’s price reached an intraday high of $0.60 on May 13, a day after rebounding from its week-to-date low of $0.38 — a 58% rally. The huge upside retracement appeared in the wake of similar price action in the crypto market with top cryptos Bitcoin (BTC) and Ether (ETH) rebounding by 23% and 25.75% since yesterday’s lows.The top ten crypto assets’ recovery in the past 24 hours. Source: MessariBut the sharp ADA recovery does not promise an extended upward continuation, at least according to the three factors discussed below.Stock market crash far from overFirst, the price action in the Cardano and similar crypto-assets has been in lockstep with U.S. equities, especially tech stocks.Notably, the correlation coefficient between ADA
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