Cardano [ADA] falls beneath month-long range, can another 10% tumble follow
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer.has shed a whopping 85% in value over the past 11 months. In August 2021, the coin touched a high-water mark of $3. Once the $2.5 and $2 levels were flipped from support to resistance, the trend shifted quickly.
The past two months have seen a range established for ADA, but the price has fallen beneath the range lows over the past couple of days of trading. Now, the question is- Should Cardano buyers be wary of yet another wave of selling?In white, a range from $0.64 to $0.44 was highlighted for ADA. The psychological $0.5 level has also acted as support and resistance. In fact, the $0.48-$0.51 area was a hotly contested region on the price chart.
A set of Fibonacci retracement levels were plotted based on the move from $0.49 to $0.4 last week. The 38.2% retracement level stood resolute upon a retest from the south. It also has confluence with the range lows , which demarcated the $0.44 region as an intense area of selling.The Relative Strength Index slipped back beneath the neutral 50 line. It climbed to 47 but faced rejection, which strengthened the idea of bearish momentum behind Cardano on the charts.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NHL's top 10 remaining UFAs: Latest rumours, reports - Sportsnet.caA flurry of trades and signings on Wednesday took its toll on our Top 10 UFA board, but some intriguing names remain on the market. Here’s a quick rundown of the best UFAs still available the day after, and the latest on their situations.
Read more »
Ohio man charged with raping girl, 10, who was forced to cross state lines for abortionAn Ohio man has been charged with raping a 10\u002Dyear\u002Dold girl who was then forced to travel to neighboring Indiana to get an abortion, a case that President Joe…
Read more »
National Average Rents Rose Nearly 10% in June: ReportEven provinces known for being affordable are experiencing steady rent inflation. Rentalsdotca BullpenConsult inflation cdnpoli
Read more »
Missing 10-year-old boy found safe after disappearing from Newmarket homePolice are searching a Newmarket neighbourhood for a missing 10-year-old boy.
Read more »
Edmonton police bust illegal booze network, 10 people chargedEPS have arrested 10 people who are facing a combined total of 40 charges in relation to \u0022major liquor distribution network\u0022 investigation.
Read more »