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Tony M. Tony M.
FXStreet


Cardano price could be prepping for a fatal drop to $0.20.
Cardano price could be prepping for its final capitulation low. The technicals indicate an unfolding zig-zag that can extend as far as $0.20. Traders should be very cautious as the declining wave does hint at a 20% worth of countertrend space to potentially scalp upwards from the current price of $0.55. Still, scalpers in the market should be aware they are casting rods in treacherous waters as the slope of the decline indicates the current price within an extending and unfinished wave 3.
Cardano price can either sweep the lows as early as Monday morning or truncate within the vicinity of last week's low at $0.44 before more uptrend price action occurs. Still, traders should aim to maximize the potential reward while safely managing their risks. Before entering a short position, traders should consider waiting for the final 4th leg to print in the $0.65 zone. It is worth noting that the Relative Strength Index is displaying hidden bearish signals at time of writing which further confounds the idea of additional drops in the days to come.
TM/ADA/5/15/22
ADA/USDT 4-Hour Chart
Invalidation for the downtrend is a breach at $0..87. If this level were to get touched, the downtrend would be void, and the bulls could then aim for $1.20, resulting in a 100% increase from the current Cardano price. 
 

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Bitcoin price pushed past resistance at $22,000 on Monday. This came after a market-wide rally incited by the largest cryptocurrency toward the end of last week. Investors appear to be strategizing ahead of the Ethereum Merge, which brings BTC’s $25,000 target well within reach.
According to a new White House energy report, Cardano is one of the largest proof-of-stake blockchains in the crypto ecosystem. With the Vasil hard fork drawing close, analysts are bullish on Cardano price. 
Litecoin pulls it together after price action slips below an important technical level. LTC could still hit new highs for the month as markets turn bullish. Watch out for premature positioning, the bear market is not yet over.
Tezos (XTZ) price is set to jump another 1% or more, and is set to book a sixth straight gain in a row, making it the most profitable rally since June.
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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