The majority of the altcoins are trying hard to make-do in the present market. With all the bullish market momentum dropping in early-September, new monthly lows are being recorded every single day.
As a matter of fact, even Bitcoin appears to be losing value at the time of the press, after numerous altcoins hoped the cryptocurrency’s price movement would not affect them. Cardano is one such altcoin, and its current price movement suggested that the near-term future did not seem pretty.
Cardano’s 1-day Chart
As one of this year’s most successful tokens, a period of correction was always possible for Cardano, with the crypto-asset recently going down to below $0.106. Now, throughout the last week, positivism about its price recovery has been not that important since ADA was noting an approaching breach from a downward triangle pattern.
The breakout is likely going to be bearish, with direct support at $0.073. Still, the 1-day chart showed that ADA might find support at $0.076, where the 200-moving average was at the time of writing.
With the optimistic pressure from the 50-moving average steady on the charts, it is important to mention that the Awesome Oscillator underlined the trend from a bullish view. However, the price candles were dropping in intensity, so the larger trend was still prone to a drawdown period.
Cardano’s 1-week Chart
As per ADA’s weekly analysis, the breaking move from the ascending channel was rather clear. Throughout the last seven weeks, six of them have been in red, with the coin’s value remaining close to $0.0865 at the press time. Over the current timeframe, it is now crucial for ADA to maintain a position above the Fibonacci 0.705 line – a position near below that line would enhance the likelihood of a re-test at $0.0712.
In terms of the Relative Strength Index or RSI, it has quietly stabilized, but the sell-pressure was still powerful over the long-term. Overall, Cardano users should be ready for another bearish period.
