Cardano (ADA) price facing intense selling pressure at $1.70

TL;DR Breakdown

• Cardano (ADA) Price catapulted to its lowest since April at $1.006 but reversed towards $1.8.
• The entire cryptocurrency market is facing a bloodbath. 
• Cardano is aiming for the 2-day exponential moving average at $1.74

Cardano(ADA) Price Prediction: General price overview

Cardano (ADA) price might be underperforming as a result of Bitcoin’s crash to $39K. A situation that has caused the majority of altcoins to crash by over 50%. 

Among coins correcting downwards include Dogecoin, BNB, and Ethereum – all of which came dragging the cryptocurrency market capitalization by billions of dollars. Cardano’s price pattern went ahead to form an inside-day pattern on yesterday’s daily chart. A pattern that usually portrays indecision in the market. 

(Source: Tradeview) 

This uncertainty has created a downside correction that began on the 24-hour chart, resulting in long liquidation positions on the part of the bulls. 

The altcoin’s price is still trending above the $1.60 support, and a massive sell-off neutralized whichever gains the coin had amassed last week. The current price is 35% down the ATH of $2.4650. A drop in the coin’s market capitalization also topped it from the top five altcoins. I am putting Cardano in Sixth place with a $56 billion cap. 

Presently, the coin has corrected below the 23.5 FIB extension level on the 24-hour chart, and the bears are intact to pull the price towards the 38.2% FIB. Therefore, chances are high for a drop by a further 30% to $1.2725 as the bears are aiming for the 50% retracement level. However, the bulls are hoping to reverse the descending channel by correcting upwards to the 23.6% FIB. 

Cardano (ADA) price movement in the past 24-hours

Yesterday’s daily chart yielded to the bears and dropped as low as $1.006. The lowest bottom since April 20th. However, the bulls were quick to reverse the trendline by buying the dip, which sharply increased the price to $1.834 by the close of yesterday’s daily chart. 

Price movement in the past 2-days (Source: Tradeview)

The bulls did not match the strength of the bears and capitulated once again towards $1.3, where they started today’s daily chart for Cardano (ADA) price. The market anticipates the bulls to take control around the 20-day Exponential Moving Average at $1.74, and the trend is already heading for support around this price level. 

ADA Price movement on the 24-hour trading chart  (Source: Tradeview)

A retreat from this upward trend to $1.48 and below might crash investor yields as the drop might proceed to $1.

Conclusion

Cardano (ADA) is playing against giant coins by introducing smart, scalable solutions with tones of interoperability across industries.  In fact, the founder Charles Hoskinson said that they were aiming for the Fortune 500 with ADA at the beginning of the year.