- Cardano’s (ADA’s) price is validating the bearish trade setup of last week.
- The ADA price showed optimistic bulls no mercy as the crypto fell in what is known as the “penny-from-Eiffel” style.
- The only way for the bearish decline to be invalidated is for the price of ADA to close above $0.50.
Cardano’s (ADA’s) price is validating the bearish trade setup of last week as bears are now in profit by about 12%. This means that the price of ADA has the potential to fall even more to $0.20 if bulls are not able to help ADA recover.
At the moment, Cardano is trading at $0.42. This means that traders who adopted the risk-to-reward setup are enjoying the ongoing calamity as the first bearish target of $0.41 is within very close reach.
Although the trade setups of a few bulls saw some profitable moves, the Cardano price still moved in total opposition. The ADA price showed optimistic bulls no mercy as the crypto fell in what is known as the “penny-from-Eiffel” style on the three-hour chart.
This could lead investors to believe that the bearish trend could gain a lot more momentum and power.
This means that realistically, the only way for the bearish decline to be invalidated is for the price of ADA to close above $0.50. If bulls can make this a reality, it could lead to a buying frenzy that could push the price of ADA to $0.68, which will then result in a 40% increase from the current Cardano price.
According to CoinMarketCap, ADA is currently trading at $0.4264 after a 1.14% drop in price over the last day. The crypto is also down about 7.12% over the last week. In terms of 24-hour trading volume, ADA has $698,325,937.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.