Cardano(ADA): Time To Short!

18 Ara 2023

The price has recently formed a rounded top, indicating a bearish reversal pattern. A critical support line around $0.5486 is currently under pressure. If this level fails to hold, there's a strong likelihood of a breakdown.

This potential breakdown could accelerate a move towards the next significant support levels. We monitor this support closely for signs of either a bounce, which could offer a bullish scenario to upper zones (small one), or a breach, which may confirm the bearish outlook. A decisive daily candle close below this support could be used as confirmation for a bearish outlook.

19 Ara 2023

Not

Cardano failed to breakdown from that local support, where price got off a nice start (with slight bullish movement)

We are still seeing that breakdown happen, so the only questionable thing here is time.

20 Ara 2023

Not

Meanwhile, ADA is still heavily overbought, and it is struggling to show some clear breakdown from that zone we have been waiting for. In addition, the price is not showing any serious strength, so we can expect that drop to happen anytime soon now!