- Cardano’s price seems primed for further declines as the alt encountered weakened momentum.
- The ETH-killer plummeted beneath a vital support zone, indicating ADA’s pessimistic prediction.
- ADA needs to reclaim the $1.40 mark to overturn the bearish picture.
Cardano prices still suffer amid weak price momentum. The alternative coin has failed to launch a bounce bank following the cryptocurrency market crash. The Ethereum competitor might see further drops as bears dominate the marketplace following ADA’s move beneath a vital support zone.
Cardano Price Encounters Imminent Fall
The daily price chart indicates ADA dropped under the descending parallel channel’s lower boundary. That shows Cardano may have additional room to decline. Slicing beneath the prevailing chart formation shows the ETH-killer might drop 34% to hit $0.91.
ADA bears have their first aim at 4 August low of $1.32, then 28 July swing low near $1.25, matching the Momentum Reversal Indicator’s support line. This value area should serve as a dependable defense line for ADA price.
Nevertheless, if the altcoin continues to shed momentum, Cardano may drop further to 23 June low of $1.10 before plummeting towards the psychological barrier at $1.00. If selling strength surges, the digital currency can hit the pessimistic aim at $0.91.
Market players need to beware of the death cross on ADA daily chart. That came as 50-day SMA crisscrossed with 200-day Simple Moving Average, expected to catalyze a price drop.
Meanwhile, bulls may reverse Cardano’s underperformances if the altcoin manages to regain the parallel channel’s lower border at $1.40 as its support floor. Nevertheless, ADA might encounter massive challenges in its recovery attempts.
Cardano will have its following resistance area at 7 July peak of $1.44. Additional hurdle will appear at 4 July high near $1.49 before ADA faces the challenge at $1.61, the 15 June high and 21-day Simple Moving Average convergence area.
Meanwhile, ADA price should aim at $1.84 for bulls to cancel the prevailing downward trend. Remember, 50-day and 100-day Simple Moving Averages meet in this area. Moreover, Cardano would require to break past $2.10, where the 200-day Simple Moving Average and the governing technical patterns upper border coincide.
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