In his latest technical analysis of Cardano ($ADA) price, crypto analyst Ali Martinez stated that the altcoin has lost a significant support level and may be facing a deeper correction.
According to the chart shared by Martinez, Cardano has been moving within an ascending parallel channel since the end of June. During this period, the $ADA price rose from $0.138 to $0.282, showcasing a remarkable performance.
However, the analyst stated that with the recent price movements, $ADA has broken below the lower boundary of the ascending channel, which technically signals a decline.
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