Like other altcoins in the market, Cardano price has suffered huge losses over the past few months. This relentless sell-off has caused the price of ADA to fall so low that it is currently trading at levels not seen since the last bear market. Even now, Cardano remains at risk of further decline, as cryptocurrency analyst Lingrid explained in a recent analysis.

Why Cardano Could Continue to Collapse

The main problem Cardano price is currently facing is that the bulls have it He failed to regain control several times from bears. With each failure, the bearish power becomes stronger, increasing the possibility of a bearish continuation.

In the analysis, cryptocurrency analyst Lingrid revealed that Cardano remains below consolidation support at $0.26. As a result, the cryptocurrency has now started to fall below its previous structure. At the same time, the price is also below the descending resistance, showing a lot of weakness.

Despite the recent recovery, the fact that the altcoin’s price ultimately fell showed that bears still control the market. The downside to this is that a continuation of the bear market is likely from here, especially since the price has also been rejected at $0.26 and the price could drop further. The only way this move will be invalidated is if Cardano price successfully rebounds and breaks above $0.27 again.

6 months of red

With February’s red close, Cardano recorded five consecutive gains months of red closuresAccording to the portal’s data, this is the third time in history CryptoRank. This first happened in 2021-2022 when the bear market began, and then in the same year Cardano recorded another five straight months of red closes.

While the last time it ended with a solemn escalate was in the sixth month, that’s it Cardano’s price has already dropped by over 11% in March, which suggests that the red trend may continue. Now, in 2021-2022, for the first time in history, the digital asset saw 6 red monthly candles, and what happened next was intriguing.

After the sixth month of red in February 2022, Cardano’s price began to rise rapidly, eventually ending the next month with an escalate of 18%. However, the bleeding didn’t stop after that and Cardano fell even further. Now, if this trend were to repeat, the cryptocurrency could see a relief rebound after its sixth month of red. However, this would not mean the end of the decline, but rather an announcement of further decline.

Featured image from Dall.E, chart from TradingView.com