- ADA price is at the break-or-make moment as the crucial support level will determine the token’s next move.
- Cardano might decline by 22% with failure to hold the crucial defense line.
- ADA might remain in downtrends unless the alt slices past the governing technical pattern’s upper boundary.
Cardano maintains its downside actions as the alternative coin fails to attract buyers. ADA is near a crucial support area that might determine the asset’s fate. Dropping below this mark will mean a bearish move towards the low of $0.80.
ADA Bears Target 22%
ADA price had created a descending channel on the 72-hour chart, indicating that the altcoin remains sealed in downward trends. Cardano’s final defense line (before incurring additional bearish actions) may emerge at 200 3-day DMA near $1.03. A drop under the mark will trigger a 22% downfall, taking ADA towards the governing technical setup’s lower limit at $0.81, matching the 21 February low in 2021.
More selling momentum might witness ADA price slicing under the prevailing chart formation’s downward trend-line towards 127.2% FIB extension zone near $0.71, the level intersection with the 6 February low last year.
Also read:Nevertheless, a surge in buy order will have Cardano facing the nearest resistance near 78.6% FIB retracement zone at $1.07. More hurdles might showcase around the governing technical pattern’s middle border at $1.14, then 21 3-day Simple Moving Average at $1.22.
ADA price should break various hurdles. They include the 50% retracement zone ($1.28), the 38.2% FIB retracement mark of $1.36, and 23.6% FIB retracement of $1.47, the level coinciding with the descending channel pattern’s upper limit. Only by that will the asset escape the downward trends.
Nevertheless, Cardano slicing past the governing technical setup’s upper trend-line will expose further obstacles around the 50 3-day Simple Moving Average at $1.61 and 100 3-day Simple Moving Average at $1.70.
ADA stays at a break-or-make level, awaiting a directional bias. Nevertheless, a crucial support level will determine ADA’s fate. Violating the foothold might lead to a 22% drop. That way, bears will hit the pessimistic target of $0.81. Upcoming broad market trends remain vital in Cardano’s upcoming bias.
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