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Akash Girimath Akash Girimath
FXStreet

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
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. 
 

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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.
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