Briefly–
- Cardano breaches a symmetrical triangle, implying a massive retracement.
- Breaking the support level at $1.90 might see ADA dropping towards the barrier at $1.70.
- Charles Hoskinson believes that the US treasury works everything possible to kill digital currencies.
For now, Cardano encounters a challenging scenario where violating critical support might translate to a steep retracement. With that, ADA enthusiasts should be cautious since the token might suffer a decline soon.
Hoskinson Calls Out Regulators
Charles Hoskinson, Cardano’s founder, commented on the current crypto market conditions. That was when talking about inadequate crypto regulation during his South African event. Hoskinson believed that the United States regulators utilize all their powers to ‘kill’ this rapidly growing business.
Keep in mind that lawmakers across the globe have tried to restrict cryptocurrencies due to money launderers and scammers storming the market. However, some nations impose stiffer restrictions, banning digital tokens and mining together.
As Ripple battles with the SEC on legal concerns, some crypto projects fail to progress because of regulatory uncertainty. Though Cardano stays on safe territory, ADA appears to face obstacles, and its price suggests bearishness.
Also read:ADA On a Risky Level
Cardano (ADA) price recorded three distinguishing higher lows and lower highs since 18 September, depicting congestion. Using trend lines to connect these swing points results in a symmetrical triangle pattern.
This technical pattern has no intrinsic bias but foretells a 19% price breakout. For now, ADA seems ready for plummets. A significant-close beneath the lower trend-line near $2.12 will suggest a downswing path.
If ADA fails to reverse such scenarios, it will plunge to retest its predicted target of around $1.69. However, the intended plunge will not be a walk in the park as the supports at $1.91, then $1.73 stands to absorb selling momentum.
Meanwhile, if the al cancels the dip under the symmetrical triangle’s bottom trend-line, market players can see ADA running towards the top trend-line. A decisive close here ($2.26) will depict a possible upswing. That way, the alternative con can hit its theoretical target at $2.70 after bulls overcome the $2.58 obstacle.
Stay tuned for more crypto updates.
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