- Cardano price sees strong Fibonacci extension support levels at $1.00 and $0.88.
- ADA price volume is increasing in the bears’ favor.
- An invalidation for the bullish narrative will be a close at $1.16.
Cardano price action is likely to continue falling into lower Fibonacci targets amidst the current downslide.
Cardano price is in a dangerous correction until further notice
Cardano price action fooled analysts last week as the Ethereum Killer breached the bullish trade setups. ADA price is currently trading at $1.07 and looking more bearish as time passes. A Fibonacci projection indicator points to the $1.00 support for Cardano price at the 161.8% ratio. However, traders should consider waiting for ADA price to establish distinguishable chart patterns in this region before attempting to catch the falling knife.
Cardano price spells for more selloffs on the volume indicator as well. There is an uptick in volume on the 8-hour chart as the bears have breached the 100% Fib extension level. If the bulls cannot find support at the $1.00 zone, the next target will be at the 261.8% Fib extension level at $0.88.
ADA/USD 8-Hour Chart
Invalidation for the bearish setup is a closing candle above $1.16. If this were to occur, the bulls could then load up and aim for the Cardano price to reach the $1.35 region, resulting in a 27% increase from the current ADA price.
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
ADVISORY WARNING: Any news, opinions, research, data, or other information is provided as general market commentary and does not constitute investment or trading advice. FXTradingRevolution.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information.
Follow us on Telegram
Stay updated of all the news
Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike
The US Federal Reserve is expected to raise interest rates while facing the tough task of tackling the banking crisis. Economists expect the central bank to increase its target rate range to 4.75% -5%, although there is a debate as some believe the Fed will not raise its rates at all. Bitcoin price rally steadied above the $28,000 level after yielding nearly 15% gains over the past week.
Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%
Aptos price lacks directional bias as it consolidates below a critical hurdle. This level is key in determining where APT will head next. Investors need to wait for confirmation before making their decision. Aptos price rallied 554% between December 30, 2022, and January 26, 2023. This massive uptrend set up a local top at $20.40, resulting in a reversal that pushed APT down by 52%.
These altcoins could yield massive gains after Cardano and XRP prices rally this alt season
While large market capitalization assets Bitcoin and Ethereum hold steady, altcoins like Cardano and XRP have yielded double-digit gains overnight. Crypto experts believe Bitcoin’s rising dominance signals the popcorn effect is close, gains will continue spilling over in altcoins like Cardano (ADA) , XRP and Cosmos Hub’s ATOM.
XRP price tags $0.49 as Ripple bulls make a comeback
Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.