- Cardano price downtrend is currently gunning for$1.893.
- With the bearish triangle still intact, expect a retest and possible break of the base.
- A break below $1.893 would open up room to move lower toward $1.677 in ADA price action.
Cardano price (ADA) is still in a downtrend within a bearish triangle for most of September. A retest on the baseline at $1.893 looks inevitable and spells more downside as it would be the fourth test already. A break lower opens up the door for bears to head toward $1.677.
Cardano price action will hurt bulls in search of an entry point
Cardano price is still stuck in a bearish triangle for most of September. With a few failed attempts from bulls to get out, bears are still very much in control and are dictating price action in ADA to the downside. A solid fourth attack on the triangle base looks imminent as market sentiment is getting more choppy with some uncertainty elements in the markets.
ADA price action will decrease further toward $1.893. With its fourth retest already, the base looks ready to break further to the downside as price pressure is mounting from the bears. A break would spell bad news for the bulls who have defended this level several times already.
ADA/USD daily chart
With Cardano bulls being held up at the moment, bears will have a smooth run toward $1.677, which will be a vital profit-taking level. With both the 200-day Simple Moving Average (SMA) and the monthly S1 pivot level around this region, expect any further downside to be muted and floored with these three supportive elements in play.
When bulls are able to overcome the reign of the bears in Cardano price action, expect first a retest of the red descending trend line and the monthly Pivot at $2.345. Once that is taken out, expect a quick run toward $2.741 as the ultimate price target.
Like this article? Help us with some feedback by answering this survey:
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.