Cardano faces potential 40% drop as death cross looms

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Cardano price has crashed by over 51% from its highest level in November last year, and technicals point to a further downside.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

ADA was trading at $0.646 on Sunday, bringing its market cap to over $22.7 billion. The recent decline is mostly in line with the performance of other cryptocurrencies. Its top comparable tokens, like SOL, BNB, and AVAX, have all moved into a bear market.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

There is a risk that the ADA price will continue downward in the next few weeks as a death cross pattern nears. A death cross forms when the 200-day and 50-day Exponential Moving Averages cross each other while pointing downwards. A death cross often leads to a substantial decline over time.