- Cardano’s price appears ready for further plummets to $1.26 as ADA struggles to secure dependable support.
- The primary technical pattern indicates that the altcoin might witness a 15% fall.
- The absence of reliable support might mean more trouble for ADA bulls.
Cardano’s price seems ready for further plunges as Cardano fails to discover critical supports. The primary technical pattern indicates a bearish outlook, eying a 15% drop. Keep in mind that the ETH-killer struggles to attract market participants.
Cardano Might Retest $1.26
Cardano saw its price slicing under the falling parallel channel that emerged on 12 September, showing further plunges. ADA’s prevailing chart formation indicates a 25% fall to $1.26.That is when the altcoin fails to discover critical support to alleviate massive plummets.
Cardano proceeded to lose 13% since the alternative coin broke under the parallel channel’s lower boundary at $1.72 on 24 November. That had ADA hitting another swing low near $1.48. For now, Cardano has its nearest defense line at a 10 July high of $1.37.
If the alt fails to maintain beyond the foothold mentioned above, Cardano might drop to its bearish target of $1.26. Remember, the Momentum Reversal Indicator’s support line and 127.2% FIB retracement coincide at this level.
The TRIN, which measures market sentiment, indicates that the Cardano market has sellers exceeding buyers, confirming an ugly picture for ADA price. The latest sell-off came as investors moved out after eToro delisted ADA. Jeremy Hogan, a renowned cryptocurrency attorney, said that the exchange delisted Cardano because of a warning from the US SEC.
If bulls step up, ADA will secure the initial resistance at 4 July high near $1.49, then 15 June peak of $1.61. Additional obstacles might emerge at 78.6% FIB retracement at $1.66, then 61.8% FIB retracement near $1.80.
Market players should beware that 21-day SMA crossed under the 200-day Simple Moving Average at $1.88. That shows that this price level would challenge ADA, indicating a bearish sign for ADA price. Moreover, the new COVID strain weighs on the crypto space, supporting bearishness in the market.
You can share your comment below.