Cardano (ADA) attempted to create several higher lows and a bullish structure after its May 12 bottom. However, it failed to do so and is in the process of breaking down.
ADA has been falling since reaching an all-time high price of $3.10 on Sept 2. The downward movement has been swift and so far led to a low of $0.40 on May 12. Throughout the decrease, the price broke down from an ascending support line, which had previously been in place for 679 days.
ຖ້າການເຄື່ອນໄຫວຫຼຸດລົງຍັງສືບຕໍ່, ພື້ນທີ່ສະຫນັບສະຫນູນທີ່ໃກ້ຄຽງທີ່ສຸດຈະຢູ່ທີ່ $ 0.36. ນີ້ແມ່ນລະດັບສະຫນັບສະຫນູນທາງນອນທີ່ສໍາຄັນນັບຕັ້ງແຕ່ມັນໄດ້ປະຕິບັດເປັນການຕໍ່ຕ້ານໃນເດືອນພຶດສະພາ 2018 ແລະຫຼັງຈາກນັ້ນເປັນການສະຫນັບສະຫນູນໃນເດືອນພະຈິກ 2020.
Measuring from the high, the price has decreased by 86%.
ໃນຂະນະທີ່ປະຈໍາອາທິດ RSI is very close to its oversold territory, it has not reached it yet nor has it generated any bullish divergence.
ການແບ່ງປັນທີ່ເປັນໄປໄດ້
ພໍ່ຄ້າ Cryptocurrency @CryptoBullet1 tweeted a chart of ADA, stating that the price has tested the $0.44 area eight times, so it could break down from it.
The daily chart does provide a bearish outlook from two main reasons.
Firstly, the RSI has broken down from its bullish divergence trend line (green line). Also, it was rejected by the 50 line (red icon), adding to the bearishness.
Secondly, the price has reached a daily close below the $0.445 horizontal support area.
As a result of these readings, a breakdown and continued descent would be the most likely scenario.
Future ADA movement
When measuring the most recent portion of the upward movement, the two most likely levels for a bottom to be reached are at $0.32 and $0.23. They are the 1.27 and 1.61 external Fib retracement resistance levels, respectively.
Since the former also coincides with the long-term support area outlined in the first section, it is likely to provide strong support.
ສໍາລັບ Be[in]ການວິເຄາະ bitcoin (BTC) ຫຼ້າສຸດຂອງ Crypto, ກົດບ່ອນນີ້.
ຂໍ້ສັງເກດ
ຂໍ້ມູນທັງ ໝົດ ທີ່ມີຢູ່ໃນເວບໄຊທ໌ຂອງພວກເຮົາແມ່ນຖືກເຜີຍແຜ່ດ້ວຍຄວາມຈິງໃຈແລະເພື່ອຈຸດປະສົງຂໍ້ມູນທົ່ວໄປເທົ່ານັ້ນ. ການກະ ທຳ ໃດໆທີ່ຜູ້ອ່ານປະຕິບັດຕາມຂໍ້ມູນທີ່ພົບໃນເວບໄຊທ໌ຂອງພວກເຮົາແມ່ນມີຄວາມສ່ຽງຂອງພວກເຂົາເອງ.
Source: https://beincrypto.com/cardano-ada-breaks-down-below-60-day-horizontal-support-area/