Cardano (ADA) Slips 6% in 24 Hours: Healthy Correction or the Return of the Bears?

Cardano’s native token has been on a tear over the past several days, but its rally stalled today (August 26) as the broader market pulled back a bit.

While most analysts remain bullish on the asset, some believe a double-digit decline from the current levels could also be on the horizon.

Bulls vs. Bears

ADA has soared by 22% over the past two weeks, following the market’s revival prompted by the monetary changes announced by the US Treasury Department, among other factors.

At one point, the asset rocketed to a three-month high above $0.25, but the past 24 hours have delivered a correction. As of press time, ADA trades at around $0.21, representing a 6% decline on a daily scale and is among the biggest losers within that timeframe.

X user SBlockSpy noted that the token got rejected around $0.22 and is closely monitoring the pullback. They claimed that the move shows sellers are active and predicted a deeper downtrend to as low as $0.164 if the dump continues. At the same time, the analyst believes that if buyers step up here, they might trigger an initial surge to $0.24, then $0.30.

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