Cardano (ADA) Price Might Drop 40% If Breaches This Level in Coming Days!
The post Cardano (ADA) Price Might Drop 40% If Breaches This Level in Coming Days! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide Tuesday saw ADA go sideways as Fed Fear overshadowed developments leading up...
Tuesday saw ADA go sideways as Fed Fear overshadowed developments leading up to the September 22nd Vasil hard fork. A little under this week’s high of $0.51, ADA fell to a low of $0.47. Ethereum, Solana, and ApeCoin, among other coins, also retreated. Investors reacted to yet another twist in opinion over Fed monetary policy as updates on the Vasil hard fork were put on hold.
Compared to the swing high on September 6 at $0.512, the Cardano price reached a higher high of $0.524. Although this prognosis was positive, it was unable to continue, which caused a sharp 8.7% sell-off. A lower low, or liquidity fractal, has existed since June 19 but has not yet been formed by the downswing.
A full-blown uptrend is improbable because the price of Cardano is most likely to retrace to $0.488 before continuing to fall. The subsequent downturn may drive ADA to the $0.433 level of support, but the optimal liquidity run would be a sweep of the equal lows created at $0.425.
Although the Cardano price has a bearish view in the short term, the long-term scenario seals the deal. ADA forms a descending triangle, with three lower highs and two equal lows at $0.40.
The descending triangle has been formed since May 10 according to trend lines connecting these swing locations. By calculating the distance between the breakout point at $0.400 and the initial swing high and low, this technical formation predicts a 40% downswing to $0.241.
Cardano price will suggest a breakthrough and perhaps cause a 40% drop to $0.241 if it achieves a three-day candlestick close below this level. At the time of writing, ADA is trading at $0.47 and is down by 6 percent.
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