Cardano (ADA) declined significantly over the past few days, resulting in a price drop of 22.6%. <\/p>\n
\u00a0 \u00a0 \u00a0 \u00a0 ADA price seen losing another 14% in the coming days
\n \u00a0 \u00a0 \u00a0 \u00a0 Cardano buyers drop support at the 20-day EMA
\n \u00a0 \u00a0 \u00a0 \u00a0 ADA intraday trading volume registers a 104.6% gain<\/p>\n
The expanded selling activity results in the offshoot of the critical supporting EMAs that are attempting to break the support zone of $0.45. So, this provides an opportunity for buyers to take advantage of price drops.<\/p>\n
Cardano Shows Bullish Reversal<\/p>\n
The ADA\/USD price shows a bullish reversal swinging from $0.4 forming a rising channel pattern with a price spike of 47.5%. On the other hand, the price rejection presents at the $$0.595 level support the 22.6% price decline; that shreds below the support trendline.<\/p>\n
As of this writing, ADA price shows a bearish movement as it trades at $0.4551 or a decline of 3.07%, according to CoinMarketCap.<\/p>\n
On the daily chart, the ADA price demonstrates the formation of a triple black crow pattern that shows some significant struggle with hedging on support $0.45.<\/p>\n\n
Chart from TradingView.com<\/p>\n
More so, the intensified selling pressure is apparent especially with the sudden surge in intraday trading volume plus the appearance of long-wick candles.<\/p>\n
The bearish continuance seen over the daily chart strengthens the possibility of ADA having a downtrend or falling below the key support zone of $0.45. <\/p>\n
With that in mind, a short-selling opportunity could arise with the shackling of the key support zone with the opportunity of a 13% decline to revert to July\u2019s low that registered at $0.4.<\/p>\n
ADA Price Remains Bearish<\/p>\n
On the other hand, if there is a price rejection that coincides with the bullish reversal on the $0.45 support zone, then this could trigger a price increase that hovers above the 50-day EMA.<\/p>\n
RSI for ADA shows a dramatic increase in the coin\u2019s bearish character as it plunges below the 14-day half line or average line.<\/p>\n
A few days ago, ADA created this fake breakout that caused confusion for market participants. It was observed that ADA price rose to $0.55 and then dipped below in a few days time registering a week\u2019s loss of 12.9%. With these figures, ADA is seen to fall below the mark especially this August.<\/p>\n
General outlook for Cardano remains extremely bearish. The MACD signals also show that ADA price may revisit its lows seen on mid-July with the ongoing correction.<\/p>\n\n
BTC total market cap at $15.25 billion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Freepik, Chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Cardano (ADA) declined significantly over the past few days, resulting in a price drop of 22.6%. <\/p>\n
\u00a0 \u00a0 \u00a0 \u00a0 ADA price seen losing another 14% in the coming days
\n \u00a0 \u00a0 \u00a0 \u00a0 Cardano buyers drop support at the 20-day EMA
\n \u00a0 \u00a0 \u00a0 \u00a0 ADA intraday trading volume registers a 104.6% gain<\/p>\n
The expanded selling activity results in the offshoot of the critical supporting EMAs that are attempting to break the support zone of $0.45. So, this provides an opportunity for buyers to take advantage of price drops.<\/p>\n
Cardano Shows Bullish Reversal<\/p>\n
The ADA\/USD price shows a bullish reversal swinging from $0.4 forming a rising channel pattern with a price spike of 47.5%. On the other hand, the price rejection presents at the $$0.595 level support the 22.6% price decline; that shreds below the support trendline.<\/p>\n
As of this writing, ADA price shows a bearish movement as it trades at $0.4551 or a decline of 3.07%, according to CoinMarketCap.<\/p>\n
On the daily chart, the ADA price demonstrates the formation of a triple black crow pattern that shows some significant struggle with hedging on support $0.45.<\/p>\n
Chart from TradingView.com<\/p>\n
More so, the intensified selling pressure is apparent especially with the sudden surge in intraday trading volume plus the appearance of long-wick candles.<\/p>\n
The bearish continuance seen over the daily chart strengthens the possibility of ADA having a downtrend or falling below the key support zone of $0.45. <\/p>\n
With that in mind, a short-selling opportunity could arise with the shackling of the key support zone with the opportunity of a 13% decline to revert to July\u2019s low that registered at $0.4.<\/p>\n
ADA Price Remains Bearish<\/p>\n
On the other hand, if there is a price rejection that coincides with the bullish reversal on the $0.45 support zone, then this could trigger a price increase that hovers above the 50-day EMA.<\/p>\n
RSI for ADA shows a dramatic increase in the coin\u2019s bearish character as it plunges below the 14-day half line or average line.<\/p>\n
A few days ago, ADA created this fake breakout that caused confusion for market participants. It was observed that ADA price rose to $0.55 and then dipped below in a few days time registering a week\u2019s loss of 12.9%. With these figures, ADA is seen to fall below the mark especially this August.<\/p>\n
General outlook for Cardano remains extremely bearish. The MACD signals also show that ADA price may revisit its lows seen on mid-July with the ongoing correction.<\/p>\n
BTC total market cap at $15.25 billion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Freepik, Chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6004","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=6004"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6004\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6004"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}