Cardano price could sweep 2022 lows unless this happens
- ADA price is falling in free-fall fashion.
- Cardano price shows disturbing volume signals.
- Invalidation of the downtrend remains at $0.714.
Cardano price is on track to sweep the May 12 lows at $0.39. Traders who have not entered following last week’s bearish thesis should wait for continuation signals.
Cardano price takes a blow
Cardano price, like several cryptocurrencies, is experiencing a steep sell-off to start the third trading week of June. The crypto market as a whole is in a selling frenzy amidst UK inflation hikes, upcoming FOMC meeting, and overall consumer fears as oil and agriculture continue to see unprecedented demand.
ADA/USD 2-Day Chart
Invalidation of the bearish downtrend remains at $0.714. Traders who did not participate in last week’s bearish trade setup should wait for a consolidation period on the daily chart before attempting to board the already moving train. If the bulls can breach $0.714, the bearish downtrend could be qualified as over. The bulls could reroute towards $0.88, resulting in a 100% increase from the current Cardano price.
https://www.youtube.com/watch?v=iFfHGBIVS5s
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
