- Cardano price looked promising for more upside at the beginning of the week.
- Sentiment shifted today after the US Federal Reserve FOMC-minutes showed worries for investors.
- ADA is looking for a retest of $1.28 or a 6.5% correction.
Cardano price opened the trading session this Thursday morning with a few worries. Most indices are in the red after the FOMC minutes published on Wednesday. Markets look to go for some risk-off today, and ADA is taking the punches.
Cardano price pulls punches in the risk-off market
Last week Cardano price looked very promising for some upside potential. ADA moved nicely along the ½ fan line. Even a break lower was not that big of an issue as the 1/1 fan line still proved promising for upside.
Cardano price had the 55 four-hour Simple Moving Average (SMA) coming in as support and driving prices up, but the 200 four-hour SMA established its force and could not be broken to the upside on June 5.
Today, the picture for Cardano price is getting even worse as it cannot stay above the 55 four-hour SMA, and ADA has broken below the 1/1 trend line. The only first real significant support for Cardano is at $1.28. A break further down might even bring ADA to $1.
The big problem Cardano price has is the fact that a lot of supporting elements have become resistance and are limiting any further upside in price action.
ADA/USD 4-hour chart
Cardano price looks not to be in any sweet spot today. Forces from above like the 55 and 200 four-hour SMAs weigh heavily on the price action. Now with the break of the 1/1 fan line, not much upside potential looks present today.
Buyers will be looking for an entry point to go long, and that opportunity could arise at $1.28. If that level should not hold, a retest at $1 should attract more buy-activity into the cryptocurrency.
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