Cardano price prepares for a 30% dump as ADA technicals turn bearish
- Cardano price has broken down of an ascending parallel channel.
- The bearish price target is all the way down at $0.115.
ADA was trading sideways since its peak of $0.183 on November 26. The digital asset plummeted down to $0.112 as the entire cryptocurrency market had a massive correction. However, Cardano was able to recover quite nicely and it’s trading at $0.155.
Cardano price aims for a bearish target of $0.115
Cardano was trading inside an ascending triangle on the 1-hour chart and had a breakdown on December 4. After losing the trendline support at $0.158 the digital asset fell to $0.152 and it’s targeting $0.115.
ADA/USD 1-hour chart
Additionally, the Supertrend Index also has presented a sell signal which gives credence to the bearish outlook outlined above. It’s also worth noting that ADA is trading below the 50-SMA and the 100-SMA.
ADA/USD 1-hour chart
On the other hand, it seems that Cardano price has found a local bottom in the short-term and could be aiming to re-test the trendline of the ascending triangle broken before at $0.16 which coincides with the 50-SMA.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
