|

Cardano price proves “a rising tide does not lift all ships”

  • Cardano price falls in free fall fashion despite several cryptos providing a break-even opportunity.
  • ADA price could continue declinining into the $0.35 barrier.
  • Invalidation of the beamish  trend remains at $0.50.

Cardano price validates last week's bearish trade setup as the bears are now in profit 12% since the plummet was prophesied. An additional fall to $0.20 is now on the table. If the bulls do not show up to recover the ADA price, soon expect the latter. 

Cardano price is a sinking ship.

Cardano price currently trades at $0.42. Traders who partook in last week's 2.75-1 Risk-to-Reward trade setup are enjoying the ongoing calamity as the first bearish target at $0.41 is moments away from being actualized. Despite all of the bullish signals in the market last week, Analysts at FX street maintained Cardano's overall bearish feel. Though it was a difficult call to make, Cardano's demise proves the theory that "all boats lift with a rising tide" untrue in the Cryptocurrency market. 

While several bullish trade setups last week provided hours/days to move profitable positions to break even, the Cardano price moved in total opposition. The ADA price fell "penny-from-Eiffel" style showing no remorse for the bullish optimists on the three-hour chart.

tm/ada/7/12/22

ADA/USDT 3-Hour Chart

Now it appears the bearish trend could get a lot more powerful. Safest Invalidation for the bearish decline will be a close above $0.50. If the bulls can besiege the $0.50 barrier, they could induce a buyers' frenzy targeting $0.68, resulting in a 40% increase from the current Cardano price. 
 

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Editor's Picks

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.

Bitcoin, Ethereum, and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Ethereum Price Forecast: FG Nexus continues distribution amid signs of returning risk-on sentiment

FG Nexus, once dubbed an Ethereum treasury firm, resumed offloading the top altcoin on Wednesday, distributing 7,550 ETH, according to data from smart money tracker EmberCN.

Top Crypto Gainers: Stable and Decred rally, Pippin approaches record highs

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.