Analyst: ADA sell signal triggered and SuperTrend turns bearish, key defense line currently at $0.21

Odaily report: Crypto analyst Ali posted on X platform that Cardano (ADA)'s SuperTrend indicator has turned bearish, releasing a sell signal. The last time a similar signal appeared was on May 22, after which ADA's price retraced 46%. From a technical perspective, $0.21 is the current key support level and also the lower boundary of ADA's ascending channel. If the daily closing price falls below this level, it may indicate that the ascending channel has been breached, with the price potentially dropping further to $0.17.

Ali further noted that although whales holding between 100 million and 1 billion ADA have maintained relatively stable positions over the past 10 days without showing a clear directional bias, a sell signal has now emerged. Going forward, focus should be on whether the $0.21 support level holds and whether whales begin to reduce their positions.