|

Bitcoin looks good, but the Cardano price faces one more shake-out

  • Cardano price has fallen below the 21-day simple moving average.
  • ADA price shows bearish volume on intra-hour time frames.
  • Invalidation of the downtrend is a breach above $0.50.

Cardano price shows subtle signs of concern. It is not the best digital asset in the bunch currently. Best to consider finding a more promising opportunity.

Cardano price is untrustworthy

Cardano price, like many cryptocurrencies, shows retaliation amidst the bearish onslaught prevalent for several weeks. However, subtle cues still show that the ADA price might not be ready for the anticipated bull run.

Cardano price currently trades at $0.46 after rallying to a high of $0.49 during the Asian market session on July 8, 2022. The profit-taking consolidation has subtly gone too far as the bulls have breached through the 21-day simple moving average (SMA) on the 3-hour chart. Consecutive indecision-doji candles have been printed since the breach, which confounds early evidence of bearish rejection at the SMA. Additionally there seems to be bearish presence within the current downtrend move on the Volume Profile Indicator.

tm/ada/7/8/22

ADA/USDT 3-Hour Chart

Traders should stay clear from placing an early entry. There may be better opportunities in the coming days as the Bitcoin price shows promising technicals. A break below the 8-day moving average at  $0.45 could be the catalyst to a future liquidity hunt targeting $0.40

Invalidation of the bearish thesis is a break and definitive candle close above $0.50. If the bulls breach this level, they may be able to rally as high as $0.55, resulting in a 19% increase from the current Cardano price. 

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network  hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.

Cosmos Hub Price Forecast: ATOM under pressure as bearish momentum accelerates

Cosmos Hub steadies near $1.82 at the time of writing on Monday, following a 20% decline the previous week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.

Meme Coins Price Prediction: Dogecoin, Shiba Inu, and Pepe show bearish signals at key levels

Meme coins are hovering around key support zones at the start of this week on Monday, after extending losses in the previous week. Dogecoin (DOGE) signals a neutral near-term bias with a slight bearish tilt.

Solana Price Forecast: SOL consolidates amid rising Middle East tensions

Solana (SOL) trades around $84 at press time on Monday, coiling further within a consolidation range that keeps the momentum trapped. Institutional interest in Solana resurfaced last week, with inflows of over $44 million capping downside pressure.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.