Shop Sephari

Filip L. Filip L.

Cardano (ADA) price action might be seeing bulls fighting back a little bit with a green candle again for the week and at the start of a new month. That is as far as good news goes as it does not look like ADA price will be able to close the week above the previous week, and thus instead simply keeps continuing to trade in the downtrend that is squeezing bulls against $0.415. Risk to the downside comes with the possibility that the Fed will step up its rate hike plan, triggering an even stronger dollar and adding another wide range lower to the ADA price valuation.
Cardano price looks no match and is not up to the task of trading profitable in this current macroeconomic environment. With still elevated inflation, wages are being eroded with little money left to spend on cryptocurrencies. The first cycle of that cash draining triggered the drop for Cardano price action to slip below $1.00.
ADA price has been finding a floor near $0.415 as that level caught a falling knife in May and saw bulls try to trigger a bounce off that level this week. Unfortunately, that bounce is not strong enough, and with the 55-day Simple Moving Average hanging over the price action as a cap, price action looks set to slip lower in the coming weeks with first up the monthly S1 at $0.383, which falls in line with that falling-knife-low of March. Based on the monthly pivots for September, losses could go as far as the monthly S3 near $0.20, with $0.075 not far away anymore, and possibly be tested by November if the current dire economic situation persists.
ADA/USD Daily chart
ADA/USD Weekly chart
A strong signal to the markets would be if Cardano price could start the week with an opening above the 55-day SMA, near $0.50. Bulls would jump in on that level as it will act as new support nearby, and offers a possibilty to rally to $0.600 nearterm. Longer-term $0.715 would be forecasted, although that would mean that something substantial changes or that cryptocurrencies are fully dislocated from the current macroeconomic backdrop. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
DOT could bounce near this level, but the technicals suggest a larger selloff is coming. DOT shows reasons to be concerned as the bears are hours away from printing a classical shooting star reversal pattern on a 3D chart.
Ripple price has breached the $0.33 level and has lost 10% of market value in two days. XRP price prints an impulsive wave down with an uptick in volume. Invalidation of the bearish thesis is a re-hurdle above $0.345.
The silver to Bitcoin’s gold, Litecoin, has been one of the few altcoins to not only survive the multitude of crashes in the past but also remain one of the top cryptocurrencies in the world. This is only possible thanks to its loyal investors
The crypto space is developing rapidly, and thus it is making governments around the world concerned. Regulations and rules have been in discussion in many countries around the world, with some, such as Thailand, even acting on these concerns.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
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.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.


Shop Sephari

Leave a Reply