Cardano (ADA) has been one of the strongest major cryptocurrencies throughout the past year.
The token has been posting consistent gains since the start of the year, which has been driven by massive inflows of new investors as well as some positive fundamental developments.
One such development would be the recent Shelley mainnet upgrade, which has long been anticipated by investors. The successful implementation of this upgrade is expected to bring ADA’s usage and utility to the next level.
Despite this strength, it has been facing some short-term technical weakness alongside Bitcoin and virtually all other major digital assets.
After rallying to highs of nearly $0.15 on Saturday, Cardano faced a harsh selloff that caused its price to slide down to $0.13.
It has formed a strong base at this price region, but analysts are now foreseeing further near-term downside.
This weakness may even be enough to invalidate a fractal pattern that has been working in the crypto’s favor throughout the past few days.