While the entire crypto folks believed the market would end the yearly trade on a bullish note, the Crypto space is leaving no stone unturned to make the climax breathtaking. Just a couple of hours before, during the previous day’s trade, almost all the assets were strongly heading towards the next resistance. Yet with the beginning of the fresh day trade, the altcoins including Cardano(ADA) price broke down through their levels.
The asset since the beginning of the present trading month went parabolic, visiting the lower levels. After hovering around the important levels at $1.46 for nearly 3 days, the ADA price finally made a huge move to break through the $1.5 levels.
Woefully, the bears appear to be not happy with the jump as they quickly jumped in and squeezed the rally. Currently, the ADA price is yet again swinging on the same levels. Moreover, the possibility of the asset forming lower lows to reach crucial support at $1.01.
Cardano (ADA) Downtrend Saga Continues
Currently, the ADA price is trying to find its support along with the crucial support levels at $1.45.
No doubt, the asset may cement on these levels for some time, yet it may slide down if failed to build enough bullish momentum
Moreover, the asset appears to have completed with the Cup, forming a cup & handle pattern and hence with the formation of the handle, the price may slide down to the next support levels.
After sliding down more than 10% from the previous day’s highs, the asset may continue to consolidate within a narrow range for the next couple of hours.
However, the possibility of a notable drain is haunting the rally as the probability of a strong bounce is low at the press time
The asset in case of an extended bearish trend is feared to revisit the lower crucial support at $1.01 and in such case closing the yearly trade ob bullish note could be pretty tough
The crypto space currently is completely bearish as Bitcoin price has slid below $50K yet again. With a huge drop, the many assets are facing extreme drain since the early trading hours and may continue until the beginning of the US trade. One can expect a slight flip from the bearish divergence with the beginning of the US trading hours.