- Cardano price tanked over 2% in ASIA PAC trading on Friday.
- After a strong rebound in US equities, Asian traders killed the recovery in ADA.
- Expect to see more sell-offs as the January rally of 2023 gets unwound.
Cardano (ADA) price sees bulls leaving the scene as ADA tanks on Friday morning. Although US equities were able to trigger a turnaround and close Thursday off with a net gain, someone in Asia clearly did not get the memo. With a severe drop in the ASIA-PAC session, a bounce is underway though another sell-off looks granted into next week.
Cardano price could burn through 18% of value before finding support
Cardano price will collapse further in the coming days as investors start reshuffling their investments with less exposure to risk assets. Although equities got fired up in the late US session on Thursday, the sentiment was not handed over to the Asian investors this Friday morning. With another sell-off of roughly 2% and breaking through support at $0.324 and the new monthly S1 pivot, more pain looks inevitable.
Expect ADA to recover going into the US closing bell this evening, but it is best to ignore the price action. Going into next week, another sell-off looks granted as morale has clearly been broken among bulls. The monthly S2 near $0.30 will be the next and last floor in this decline before bears try to reach $0.265 to unwind this recovery attempt fully.
ADA/USD daily chart
If bulls can take the helm again and push price action back up though, Cardano price might be better positioned by Monday to withstand any market woes and could get a jump higher. Do not expect $0.39 to be back in a heartbeat however. Rather be realistic and look for $0.36 as a short-term price target for ADA to book some gains on.
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
Monero Price Forecast: XMR soars over 19% amid rising demand for privacy coins
Monero (XMR) price is extending its gains by 19% at the time of writing on Monday, following a 9.33% rally the previous week. On-chain metrics support this price surge, with XMR’s open interest reaching its highest level since December 20.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and ETH stabilize while XRP shows strength
Bitcoin and Ethereum prices are stabilizing at around $93,500 and $1,770 at the time of writing on Monday, following a rally of over 10% and 12% the previous week. Ripple price also rallied 8.3% and closed above its key resistance level last week, indicating an uptrend ahead.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.