FX Trading Revolution Team
FX Trading Revolution
- 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.
Recommended Content
Editors’ Picks
Worldcoin Price Prediction: Is WLD done with uptrend after 77% rally?
Worldcoin has paused its uptrend as it currently trades at $1.57. This move comes after the altcoin rallied a whopping 77% in just three days, between September 13 and 16. As WLD hovers aimlessly, investors need to be patient to catch the next volatile move.
Ethereum whales prepare ahead of futures Ethereum ETF approval on October 2
Ethereum (ETH) price is likely going to witness a massive spike in volatility soon due to the circumstances surrounding the approval of the token’s futures Exchange-Traded Fund (ETF). According to Twitter users, the ETF is likely going to be approved on October 2.
Ripple Price Forecast: Declining network growth and underwater XRP holders suggest more downside for XRP price
Ripple (XRP) price shows a lack of buying pressure after its win against the US Securities and Exchange Commission (SEC) on July 13. Since then, the remittance token has been on a downtrend. Considering Ripple’s current position, a further decline would not be surprising.
Chainlink Price Prediction: LINK bears set to wipe 25% gains
-637336005550289133_XtraSmall.jpg)
Chainlink price shows an exhaustion of the bullish momentum as it approaches a key reversal zone. This development could see LINK trigger a steep correction that could undo recent gains.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.