Cardano, Bitcoin at Risk of Dropping Further Due to Bearish Flags

BTC and ADA have consolidated at their weekly lows.
Both coins may not have reached their bottoms yet as there are still several bearish flags present on their weekly charts.
Recession fears may pull the prices of ADA and BTC even lower.

Cardano (ADA) and Bitcoin (BTC) have consolidated at their weekly lows since dropping from their all-time highs.

According to the crypto market tracker, CoinMarketCap, the price of BTC remains under the $20k level with its price at $19,782.44 at the time of writing. This is after its price experienced a slight 0.37% slip over the past 24 hours.

Meanwhile, ADA’s price is up slightly over the last 24 hours. At the time of writing, the price of ADA is $0.4272.

Both ADA’s and BTC’s prices have consolidated at their latest weekly lows that have been established in this year’s bear cycle.

The weekly chart for ADA shows how ADA dropped from its all-time high that was set in September 2021 to its current level. The last month has seen ADA’s price consolidate to a certain degree.

BTC’s price has also consolidated somewhat over the last four weeks when looking at its weekly chart.

One thing to note on both ADA and BTC’s weekly charts is that there are still several bearish flags present on each chart. With this in mind, investors should not discredit the idea that BTC and ADA have not yet established their price bottoms.

A major factor that is present in this crypto bear cycle that was not present in previous bear cycles is the high inflation rates and recession, with some people even forecasting a depression. This could see crypto prices drop even further in this bearish period.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.