Cardano Price Prediction: ADA is targeting a descent towards $0.7
|- Cardano price had a major breakdown from a key pattern on the daily chart.
- The digital asset is at risk of yet another bearish break from a short-term pattern.
- The only chance for ADA bulls is to hold a critical support level.
Cardano had a major 14% sell-off in the past 48 hours and bears remain in control, eying up even a steeper pullback. The digital asset remains above a key support level which will determine its faith in the next week.
Cardano price at risk of a huge crash
On the daily chart, Cardano price had a significant breakdown from an ascending broadening wedge pattern with a price target of about $0.77 in the long-term. The digital asset bounced once to re-test the previous support trendline unsuccessfully.
ADA/USD daily chart
Additionally, on the 4-hour chart, Cardano remains bounded inside a descending triangle pattern with a support trendline formed at $1.02.
ADA/USD 4-hour chart
Considering the breakdown of the key pattern on the daily chart, it is more than likely for Cardano price to lose the support at $1.02 which will have a similar price target of about $0.78, adding even more credence and strength to the first breakdown.
The only chance for Cardano bulls is to hold $1.02 into a significant rebound towards the upper trendline of the 4-hour chart pattern at $1.10. The support trendline at $1.02 has been defended around 10 times in the past three weeks.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.