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Jonathan Morgan Jonathan Morgan
Independent Analyst

Cardano price action shows continued bearish selling pressure towards the $0.50 value area. ADA did close above a key Ichimoku level on Tuesday, but follow-through by bulls never happened.
Cardano price may be at risk of further downside pressure due to decreased participation. While massive inflows of buyers and sellers occur between May 9 and May 13, the volume has dropped significantly since then.
Looking at the current pattern developing on the daily Ichimoku chart, it’s not hard to see why. Two important chart patterns were developing on the daily chart. The first is a symmetrical triangle. As with any triangle pattern, one of the common behaviors that analysts and traders should expect is a drop in volume the closer price gets to the apex of the triangle.
The second pattern is a candlestick pattern known as a Bullish Squeeze Alert. The Bullish Squeeze Alert pattern is a three-bar pattern, with the second candlestick as an inside bar of the first candlestick, and the third candlestick as an inside bar of the second candlestick. The primary rule is that the first candlestick of the pattern must be a down day. This pattern, however, was busted in the early AM session, likely creating some trapped bulls anticipating further daily consolidation.

ADA/USD Daily Ichimoku Kinko Hyo Chart
Downside risks remain a major concern. Cardano price remains overwhelmingly bearish within the Ichimoku Kinko Hyo System. If there is a daily close that returns ADA below the Tenkan-Sen, then the move for bears is to push Cardano price to the 88.6% Fibonacci retracement at $0.42.
 
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Bitcoin price is in a consolidative phase with no directional bias in sight. This lackluster performance has caused Ethereum, Ripple and other alts to lose their volatility. 
Exploits in the DeFi ecosystem, on decentralized exchanges, market makers and bridges have become increasingly common. Wintermute was drained of $160 million in the latest exploit.
Dogecoin price has collected liquidity resting below the equal lows, which pushed it into a demand zone. This development produces a double spike in buying pressure that could kick-start a run-up for DOGE.
Chainlink, impacted by the broader market trend, noted repeated fluctuations in price over the last four months. However, standing apart from other cryptocurrencies, LINK is at least a little above its lows of June and July.
Bitcoin price has been on a rollercoaster ride since June 18. The most recent yet explosive run-up has hit targets mentioned in our previous publication. After hitting these levels, BTC has undone these gains quickly. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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