- Cardano’s price plummets despite several cryptos offering an opportunity for profitability.
- The price of ADA might continue to decline all the way to the $0.35 barrier.
- Beamish trend invalidation remains at $0.50.
Cardano’s price validates last week’s bearish trade setup, as the bears are now taking a 12% profit since the drop was prophesied. A further drop to $0.20 is now on the table. If the bulls don’t show up to recover the ADA price, expect it soon.
Cardano price is a sinking ship.
Cardano’s price is currently trading at $0.42. Traders who participated in last week’s 2.75-1 risk-reward trade setup are taking advantage of the ongoing calamity as the first downside target at $0.41 is about to be refreshed. Despite all the bullish signals in the market over the past week, FX Street analysts have maintained the overall bearish sentiment for Cardano. While it’s a tough call to make, Cardano’s demise proves that the “all boats rise with a rising tide” theory is wrong in the cryptocurrency market.
While several bullish trade setups over the past week provided hours/days to move profitable positions to break even, Cardano price moved in complete opposition. ADA price fell penny-from-Eiffel style showing no remorse for the bullish optimists on the 3-hour chart.
ADA/USDT 3-Hour Chart
Now it looks like the downtrend could become much more powerful. The safest invalidation for the bearish decline will be a close above $0.50. If the bulls can besiege the $0.50 barrier, they could induce a frenzy of buyers targeting $0.68, leading to a 40% increase from Cardano’s current price.