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.
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.
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.
