- Cardano price has printed a large bearish engulfing candle on the 3-day Chart.
- Fibonacci projection tool coincides with lower targets.
- Invalidation of the bearish downtrend is a touch at $0.9150.
Cardano price is wiping out all liquidity on the current sell-off. The next target is $0.54 and then $0.44.
Cardano price could fall once more
Cardano price has been enduring quite a drastic sell-off. It appears market makers are looking to liquidate leveraged traders as the price is on a severely steep decline. Analyzing the downtrend, it seems the bears could have one more drop in the cards before prices finally reverse.
Cardano price is falling into levels it has not visited since February 2021. The bears have printed a shockingly large candle on the 3-day Chart, which will need extreme bullish power to reverse. A candle of this magnitude warrants the need for a bullish hammer or bullish engulfing candle with significant volume to combat the bearish impact. A Fibonacci projection indicator surrounding the initial drop in April into the first pullback also forecasts the 200% and 261.8% levels at $0.54 and $0.44 price levels, which could be the final capitulation low.
ADA/USDT 3-Day Chart
Invalidation of the bearish thesis is a breach at $0.9150. If the bulls establish price action back into this level, the downtrend impulse will be void. The bulls could then re-route towards $1.20, resulting in a 100% increase from the current Cardano price.
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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.