- 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
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.
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.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000
Bitcoin has risen 7% so far this week, supported by the US Fed interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.
Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack
Crypto exchange BingX said on Friday that it suffered a hack, an attack that led to “minimal” losses that researchers at PeckShield estimate at $26.68 million. The attacker swapped the stolen altcoins for Ethereum, Binance Coin and Polygon tokens, according to on-chain data.
Pepe price forecast: Eyes for 30% rally
Pepe extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.