Is Cardano’s latest bounce just a false dawn? Three factors have implied that ADA’s fall is far from over. (Reporting via bitcoinwallah)
The pseudonymous analyst
that ADA could fall to the $0.30–$0.35 range next, given its possibility to paint the fifth and final wave of a bearish Elliott Wave setup, as shown in the chart below.The target range coincides with the support area from January 2021 that preceded a 850% bull run.Thirdly, Cardano has been breaking below its multi-month descending channel in another sign of weakness.
ADA has been trending lower inside a range defined by two falling, parallel trendlines, underscoring traders' current strategy of buying near the lower trendline and selling toward the upper trendline. But on May 12, ADA/USD broke down below the lower trendline near $0.568, showing that traders ignored the buying opportunity., leading to the price rebound, as discussed above. However, the trading volume backing the recovery move was lower than during the selloffs, indicating a weakening rebound trend.Simultaneously, the upside retracement move showed signs of further weakness after testing the descending channel's bottom as resistance — a way of confirming the breakdown.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Investing Club: The week in review, the week ahead — May 13, 2022Despite a bounce back in stocks Friday, the major averages posted losses for another week.
Read more »
Here's why gas is more expensive than ever despite falling oil pricesInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
WTI Crude Oil Forecast: Price Bounces SignificantlyThe West Texas Intermediate Crude Oil market broke much higher on Wednesday as we are clear of the 50-day EMA.
Read more »
Parenting, Baby Names, Celebrities, and Royal News | CafeMom.com
Read more »
Terra LUNA's Price Drops Further Below $0.01 with 15 Billion Additional LUNA IssuedTerra $LUNA price further dips under $0.01, 15 billion new LUNA created Cryptocrash altcoins UST LUNAtics
Read more »