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12/08/2022

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Cardano price is set to face the music, and it comes with a  33% rip lower - ELEVENEWS

Cardano price gets its first punch alongside markets tanking for the third day this week. ADA, for now, acts within the boundaries of range trade. Once the bottom side breaks, expect a massive decline toward...

Cardano price is set to face the music, and it comes with a  33% rip lower - ELEVENEWS
  • Cardano price gets its first punch alongside markets tanking for the third day this week.
  • ADA, for now, acts within the boundaries of range trade.
  • Once the bottom side breaks, expect a massive decline toward $0.21.

Cardano price at risk a firm one-directional move to the downside as markets and traders are starting to fret about the next steps forward for global markets. With several asset classes erasing the earlier gains, it becomes clear that any uptick was a mere bear market rally. Dead cat bounces all around, and the selloffs have not been accelerating yet, it could start a snowball effect that could take out quite a few important positions in the markets.

ADA set to shrink by a third

Cardano price, thus not bear any nice Christmas gifts, and rather some cold showers and possibly massacres amongst the portfolios of several traders. Not only is the decline itself dreadful, of course, but the replications yet again on the back of FTX and its default could also be enough to take out another pion on the cryptocurrency stage. A hedge fund already defaulted earlier this week with tens of millions in crypto loans unable to repay, so the question is not who but when the next casualty will fall.

ADA will, for now, trade a bit sideways between $0.324 on the top side and $0.297 on the downside. Once that downside level breaks, the descent could go quite rapidly, with $0.260 as the first support at the monthly S1. If that does not hold, should, for example, another key crypto service default and drag along billions of investors with it, then $0.21 is the right price tag for ADA by then.

 ADA/USD daily chart

 ADA/USD daily chart

If markets start to shake off the bearish mood again and try to push price action back up into a squeeze against any bearish level, expect to see a break to the upside above $0.324. Expect moves to be rather small, and by next week $0.350 could be in the cards, in case the 55-day Simple Moving Average can change its descent a bit. For the end of the year, look for $0.400 possibly, should markets receive some supportive messages from Jerome Powell and Christine Lagarde.

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