Cardano (ADA) Wanes as Bears Eye $0.62 Following New Monthly Low
- Cardano’s price printed another low at the start of the week.
- Bears added more selling strength, establishing a downside bar amid the New York session.
- A bullish engulfing beyond $0.883 will be ADA’s initial sign to cancel this narrative.
Cardano’s price begins the week with negative signs as bears pushed the altcoin lower amid the New York session. The chart shows bulls losing confidence in the rally based on fundamentals.
ADA Price Should Worry Investors
ADA price isn’t an exemption from weekly opens, which are trendsetters within the cryptocurrency arena. Meanwhile, bears created an upward bar during Sunday’s late Japan session. Unluckily, the bullish engulfing candlestick exhibits mixed signs, according to the 12hr chart.
Firstly, the bullish engulfing discovered support around $0.7761, the lowest level ADA price has touched throughout the month. Secondly, bears have dominated Cardano price movements, forming a down bar amid New York sessions. These signals usually show weak hands within the marketplace. Intraday traders need to beware that London and New York sessions are where ‘smart’ cash tends to maneuver most.
That way, Cardano’s price might be ready for further drops as early bulls defending the low of $0.776 might meet challenges over the week, translating to a possible 20% crash towards $0.67 and even $0.62.
Though bearish signals weigh on ADA price, enthusiasts should know that the hype in Cardano might exhibit increased volatility and fake-outs. The initial invalidation sign will be an optimistic engulfing candlestick beyond the current $0.813 New York session peak. With that, bulls can print more bullish steps towards $0.85 and $0.92, roughly 20% higher than Cardano’s current price.
ADA price remains under bears’ siege as they utilize any chance to drag prices lower. Moreover, challenges from the stalled peace negotiation between Ukraine and Russia create a platform for further bearishness by ADA. As the Relative Strength Index hasn’t dipped into the oversold region, bears have an opportunity to squeeze out further leg-down. Meanwhile, a break plus rebound from the monthly S1 foothold or $0.687 technical zone might see bulls joining the scene.
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