Is Cardano price headed to $.20?

ADA price is unfolding as an impulsive wave down.
Cardano price shows bearish divergence on the Relative Strength Index.
Invalidation of the downtrend is a breach at $0.87.

Cardano price could be prepping for a fatal drop to $0.20.

Cardano price final capitulation low

Cardano price could be prepping for its final capitulation low. The technicals indicate an unfolding zig-zag that can extend as far as $0.20. Traders should be very cautious as the declining wave does hint at a 20% worth of countertrend space to potentially scalp upwards from the current price of $0.55. Still, scalpers in the market should be aware they are casting rods in treacherous waters as the slope of the decline indicates the current price within an extending and unfinished wave 3.

Cardano price can either sweep the lows as early as Monday morning or truncate within the vicinity of last week's low at $0.44 before more uptrend price action occurs. Still, traders should aim to maximize the potential reward while safely managing their risks. Before entering a short position, traders should consider waiting for the final 4th leg to print in the $0.65 zone. It is worth noting that the Relative Strength Index is displaying hidden bearish signals at time of writing which further confounds the idea of additional drops in the days to come.

ADA/USDT 4-Hour Chart

Invalidation for the downtrend is a breach at $0..87. If this level were to get touched, the downtrend would be void, and the bulls could then aim for $1.20, resulting in a 100% increase from the current Cardano price.

Share: Cryptos feed

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.

Join Telegram