Home Cryptocurrency Cardano rejection at $1.42 scattered bulls, who are back to drawing board

Cardano rejection at $1.42 scattered bulls, who are back to drawing board

by Gordon James

The Cardano project has been one of the most attractive in 2018, and investors have been eager to get in on its potential. However, as has been the case with many crypto projects, the price of ADA dropped recently after a major partnership was announced. The Cardano project was one of the most popular in 2018, luring in insane valuations and high hopes. The price of the Cardano token (ADA) has now dropped to just $1.42 per token, after the company announced its partnership with a Japanese bank.

Cardano is one of the more interesting projects in Crypto world, but things are not looking so good for it at the moment. In fact, the token is currently struggling to break out of the $1.4 price level, and the $0.73 level is holding it back. On the other hand, the bulls are back in charge, and they continue to push the price higher.

Cryptocurrency projects have a lot of potential, but most of them do not live up to expectations. So, a project with a strong potential, but lacking the maturity needed to succeed, can cause a lot of pain to the investors who participate in it.. Read more about cardano trading sideways and let us know what you think.

Summary of the situation

  • Overall, the weekly cryptocurrency market is optimistic despite tighter regulations.
  • Cardano started the week in an uptrend and gained more than 5%.
  • At the time of writing, Cardano is trading at $1.3460.

Gimbal price analysis: General price analysis

The cryptocurrency market is generally bullish on a weekly basis, despite increased regulatory activity. The UK Financial Services Authority has banned the Binance exchange in the country, calling all cryptocurrency-related activities illegal. The total market capitalization of the cryptocurrency market has fallen 19% since the collapse in May. As a result, about $1.8 trillion has been wiped out. Experts believe that increased regulatory oversight is the main reason for the delayed recovery and advise market participants to be prepared for a longer recovery.

Cardano’s price, for example, started the week in an uptrend, and by the 28th it was up. June rose more than 5%, but the bulls could not hold on to a higher target. During the beginning of the week, the bulls managed to overcome the price resistance at $1.2 and turned it into a strong support. In fact, they are aiming for their recent target around $1.9, but unfortunately heavy selling volumes have rejected yesterday’s uptrend at the 20-day exponential moving average at $1.42. Despite the fairly obvious bullish strength, it’s also clear that the bears don’t want to let go of the arm wrestling. On the one hand, buyers expect the trend to break above the last price target, which will give them the steering power to break through resistance near the all-time high and trigger the next upward rally.

Cardano price movement in the last 24 hours

Cardano (ADA) started the daily chart with an opening price of $1.3540 and attempted a breakout where it reached an intraday high of $1.3817. Sellers gave up on the strength of the three white soldiers and reversed the uptrend into a descending sloping pattern that started at the intraday high and ended at $1.3181. On Cardano’s chart, the daily range is small, indicating low volatility – a very important measure for swing and day traders.

Cardano’s price traded below the middle line of the Bollinger Band for most of the day, and only broke above the middle line of the moving average in the $1,337 – $1,355 area on the 4-hour chart. Also look for bars widening on the 4-hour chart, an indicator of increasing sales volume.

source: TradingView

Cardano1 hour price chart

At the time of writing, Cardano is trading at $1.3460 to the U.S. dollar.  The red candle has the price of the coin connected to the middle bar and the RSI is pointing downwards at 50. The negative outlook is that the bears could try to push the price below $1.33 and pull back to the lows from the highs below $1.

A positive outlook is an entry point for sellers, with the RSI moving into overbought territory.

Source: TradingView

Cardano rejection at $1.42 scattered bulls, who are back to drawing board

Output of price analysis of the gimbal

Yesterday’s $1.42 rally destroyed the bulls’ hopes for a market comeback and the development of the next leg of the weekly uptrend to $1.75 – $1.95. The Bulls have gone back to the drawing board to find the best way to break this deadlock. For the second week in a row, Cardano (ADA) is still trading at the same price level and showing no significant growth. Cardano’s bulls are hoping for broader market support and that price reaches a 14-day high to counter bearish pressure.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.It’s been a rough week for Cardano (ADA). After reaching all time highs of $1.42 last week, Cardano has been in a downward spiral ever since. The latest downturn has been centered around the $1.42 level, which has been a serious resistance level for Cardano since it debuted. As a result, Cardano’s price has been falling hard, and it has dropped below $1.35, which is a critical support level.. Read more about cardano upswing and let us know what you think.

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