It’s almost a week since e-Toro delisted Cardano, the impact still remains the same. The price is still drowning at a higher pace. No doubt the ADA price attempted to break the downtrend, yet it scrambled back into the channel. And hence displaying the negative impact of the delisting still hovering on the asset. The impact may still decline the price to a large extent that may not be retractable soon. 

Interestingly, not only Cardano, but Tron(TRX) also experienced a similar fate. TRX price is also plunging to a large extent. Unable to recover, ADA price along with TRX may bottom to lower levels in the coming days. However, one of the analyst, believes the extreme sell of on both ADA & TRX would ease very soon as the betting would ease from 31st December 2021. 

As per the chart mentioned by the analyst, the ADA price is following a pattern. The price raises with an impulse wave and after reaching the peak drop to the support levels with a flat bottom. Further, the asset breaks through when it touches the peak and ranges high towards the next resistance. But the flip broke the pattern following a fake-out and heading towards the next local support around $1.09. 

The bears appear to have outspread the platform as the ADA price showcases the possibilities of a remarkable downtrend ahead. Woefully the trading volume has also dipped notably more than 17% as an outcome of extensive selling the past couple of hours. No doubt the asset attempted to barge through the channel but it appeared to be a fake out. Interestingly, the current scenario suggests shorting ADA to be more profitable than long.

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.