- Cardano price tanked 22% in just 20 trading days.
- ADA bulls are under pressure from bears, who have been successful in squashing any upside attempt.
- Expect to see the pressure build at $0.30 as another leg lower points to $0.265 as the next support.
Cardano (ADA) price is seeing its most important audience leaving price action at large. Medium-term investors are heading for the exit as several dark clouds form above the cryptocurrency industry. Already two banks have collapsed in the US. The uncertainty is making investors choose cash instead of leaving it at risk in Cardano.
Cardano price sees bears clawing the life out of bulls
Cardano price is in funeral mode as it becomes clear that the bull run for 2023 is dead and buried. With bears thus far successful in squashing any breakout attempt, it has become clear that bears are nowhere near cashing in on their profitable short positions. Proof of that is the many red markups on the red descending trend line that demonstrates such huge respect.
ADA only has a few cents to go to hit $0.30 with the monthly S2 and a pivotal level all falling in line very close to one another. Expect enormous pressure on that area with bears reluctant to start buying and cash in on their profit. Seeing bearish momentum is on the bears’ side, expect to see a sharp move lower toward $0.265 with another 13% on top of the already 22% loss from the past three weeks.
ADA/USD 4H-chart
From a technical point of view, the Relative Strength Index (RSI) could trigger some buying in ADA regardless. Several automated trading engines will have notices that the RSI is oversold, which means that a small pause should get underway. Do not expect a sudden 180-degree move up, but rather a pop toward $0.324 is possible if bulls can break that red descending trend line.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP could face decline as percentage of supply in profit reaches very high levels
Ripple's XRP is down 6% on Tuesday following record profit-taking among investors as its percentage of total supply in profit reached very high levels in the past week. This follows Ripple Labs donating another $25 million to the pro-crypto Fairshake super PAC.
Litecoin Price Forecast: Whales invest $950M in 73-day buying spree amid LTC ETF approval rumours
Litecoin price hit $87.90 on Tuesday, down 17% from the recent high of $106 recorded on November 23. Despite the steep correction phase, on-chain data shows crypto whales have entered a 73-day buying spree.
Crypto Today: SEI, Fantom and SUI emerge as top gainers, while Morocco moves to legalize crypto
On Tuesday, BTC price struggled at the $93,000 support, while Ethereum fell 7% from $3,546 to $3,300. As BTC and ETH led the crypto market losses, mid-cap altcoins received considerable demand.
Bitcoin needs a further correction for sustained growth
After weeks of rapid growth, Bitcoin (BTC-USD) entered the maximum turbulence zone falling below $94,000. BTC is currently trading at $93,764 and continues to trend downward, having exited the ascending channel.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.