Cardano price is trading within a steep bearish trend and does not display the possibility of any rebound in the near future
The price in the coming days is expected to display a fakeout and hence believed to trap strong hands around the higher levels very soon
The Cardano price continues to trade below the crucial support levels at around $0.3 and fails to reclaim these levels. Mainly due to the dropped volume and volatility the price trend is expected to continue to trade within the descending channel. However, the current trade set-up flashes acute bearish signals due to which the price is believed to drop from $0.23 to $0.2 levels very soon.
The ADA price currently appears to be the weakest altcoin within the crypto space as it made a couple of pullbacks which broke down from the consolidation. Moreover, a healthy pullback below the $0.25 level is quite possible to ignite a significant upswing toward the upper target above $0.28 in the near term.
Meanwhile, if the market participant believes it could be the end of the bearish trend, then they may find themselves trapped at highs. As a dreadful drop is expected to follow the minor upswing.
Below are the key points to be noted
- A false breakout could be expected as the levels reach beyond $0.27 levels
- The volume has been growing in case of liquidations and hence it can be assumed that the traders could have been more interested in shorting the price rather than long
- If the BTC price undergoes a dump, then the other altcoins are also expected to drop heavily in the coming days.
- The next targets to keep a close watch on that could be fine entry points are $0.25, $0.2, and $0.182.
Considering the above trade set up it is now extremely skeptical whether the ADA price will be able to survive the bear market or not. However, the upcoming yearly close could turn out to be more pivotal for Bitcoin as the Cardano (ADA) price and the other altcoins could follow the trend.