Cardano price has worsened its situation over the past two days and is now trading below a significant level. While recovery is bullish, no doubt, its destination is far away and contains hurdles at every step.
Cardano price action from February 19 to March 23 created a bottom reversal pattern known as Adam and Eve. This technical formation contains a V-shaped valley known as “Adam” followed by a rounded bottom referred to as “Eve”.
A breakout from this pattern indicates a trend change favoring the bulls and forecasts a 25% upswing to $1.26. This target is determined by adding the valley’s depth to the breakout point at $1.
Despite an excellent breakout from the $1 psychological level on March 23, Cardano price failed to tag the forecasted target at $1.26 since it fell short of momentum. Additionally, ADA reversed the trend, retracing to the 2022 volume point of control at $1.05.
Due to the massive volume traded at $1.05, it served as a support for some time, but ADA eventually broke below this and is currently trying to overcome it.
A successful recovery above $1.05 could trigger a run-up to its destination at $1.26. During its second attempt, ADA might try to invalidate the bearish breaker that extends from $1.22 to $1.35 by pushing through it and producing a decisive close above $1.35. However, if the so-called Ethereum-killer can clear the said hurdle, it would open the path for Cardano price to retest the $1.60 hurdle.
ADA/USDT 1-day chart
A daily candlestick close below $1 will produce a lower low and invalidates the Adam and Eve pattern. In such a case, Cardano price could see drowning to 0.85, which is the last life of defense for the smart contract token.
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.
Bitcoin price has single-handedly crashed the entire crypto market as it tumbled below a crucial support level. As of this writing, BTC is still yet to find a stable support level and hatch a recovery plan. Altcoins, including Ethereum and Ripple, are already working on bouncing back.
Cardano price has been repeating this liquidity fractal pattern since June 18 and triggered one just a few hours ago. The fractal is simple and aims to collect the sell-stop liquidity before an explosive move to the upside.
SafeMoon price has seen a significant drop in volatility as it trades around a significant support level. This outlook could change quickly due to the bearish scenario that has been cooking for quite a while.
Ethereum Classic price has lost support from the 8-day exponential and 21-day simple moving averages. ETC price shows an uptick in volume amidst the decline.
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.
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.