|

Cardano price sees its bottom price being under fire

  • Cardano price action 7% meltdown as cable rattles the markets.
  • ADA price sees confusion on BoE intervention triggering broad selloff and exit of investors.
  • The pressure on the downside mounts as the bearish triangle keeps playing its role.

Cardano (ADA) price action is being blacklisted by investors after again a bad performance this week with all gains of October being erased and replaced by multiple percentage losses. Risk to the downside is more than ever building as yet again price action got underpinned at $0.384. It is a question of time when that level will break as the geopolitics and current market dynamics are not set to change anytime soon.

ADA price not questioning if, but when the bottom will break

Cardano price action slips over 7% in just two trading days and in the process not only printing the worst performance for this month but as well eraring all incurred gains for this month. A huge setback for investors and traders that must be getting frustrated with these squeezes. ALthough, the warning signs could not be more clear with the several tests and rejections on that descending trend line. 

ADA price thus currently gets underpinned and bounces off $0.384 for a second time this year. Expect a bounce back to the red descending trend line and the next rejection could be another big one doing its job and breaking through the low of $0.384. Another 8% decline is then forecasted with $0.36 as next price tag to eb reached in its continuing decline. 

ADA/USD Daily chart

ADA/USD Daily chart

It would be a stretch, but a full recovery could happen, should for example the BoE step up its game and get back in the market to support the bond market supply. That would be welcomed with a sigh of relief from the markets and see a risk on rally throughout the several asset classes from the financial markets. Cryptocurrencies would be set to boom with a 10% jump. Depending on the catalyst and change in the markets, a double top at $0.427 could be in the cards.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

XRP extends recovery as ETF inflows, futures interest stabilize
Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.
Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks
Bitcoin (BTC) is trending higher alongside other major cryptocurrencies on Wednesday. Ethereum (ETH) has reclaimed $2,500 as short-term support, raising the odds that the uptrend will gain momentum. Meanwhile, Ripple (XRP) shows signs of recovery, trading near $1.44 while supported by key moving averages.
Bitcoin climbs as Oil tops $100, equities drop after Iran strikes
Bitcoin rose as much as 1.6% since midnight UTC to $79,742 as U.S. Central Command said it destroyed five Iranian oil tankers on Tuesday night and Tehran responded with missile strikes on American bases in Jordan. Brent crude topped $100 a barrel for the first time since July. The largest cryptocurrency was recently trading near $79,000. Ether is 0.3% higher at $2,490 and XRP has added 0.4% to $1.42
Zcash breaks above 2018 highs, eyes 1600–2500 [Video]
We have talked extensively about the bullish outlook for Zcash (ZECUSD) over the past year, repeatedly highlighting the potential for a move back toward the 2018 highs and the $1,000 area. As anticipated, Zcash has now broken above its 2018 highs and pushed into the $1,000 region. The key question now is: how much upside remains?
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.