- Cardano price continues to struggle higher.
- Whipsaws of price cation inside and outside of the Cloud confuse bulls and bears.
- Cardano is pointing to a third consecutive lower daily close and a third consecutive day below the Cloud.
Cardano price has been a source of frustration for bulls and bears. Multiple setups and positions for bearish and bullish breakouts have been rejected, with the ultimate result being continued constriction in price action. Currently, the price action leans bearish, and it could trigger a fast test to some previous lows.
Cardano price threatens a daily close below the Cloud and bearish pennant
Cardano price shows extremely bearish conditions and a setup that is ripe for a sell-off. Cardano is trading below the Tenkan-Sen, Kijun-Sen, Senkou Span A, and Senkou Span B. Cardano is also trading below the bearish pennant and could initiate the first close below that pennant since its formation.
If sellers can push Cardano price to a close below the bearish pennant, then a push towards the 161.8% Fibonacci retracement at $1.80 is very likely. However, it is entirely possible that $1.80 may get run over and move down to the $1.70 value area instead. Additionally, the volume profile thins out considerably between $2.02 and $1.80.
ADA/USD Daily Ichimoku Chart
Bears, however, should be cautious. Significant momentum remains across the broader cryptocurrency market, and Cardano could easily catch up with its peers and regain a bullish foothold. Moreover, because the price action has been so directionless, it is equally probable that Cardano price will rally higher. From the present position, a close at $2.39 would be sufficient to see Cardano begin another drive towards its prior all-time highs.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.