Cardano Investors Attention, Before Important Speech..

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  • cardano The price declined in the $0.50 region.
  • A break below the May 11 low of $0.39 could result in a massive drop to $0.30.
  • An invalidation of the downtrend is possible with a break above $0.685.

Cardano price, at the time of writing, remains under pressure despite backlash on Thursday. ADA price once again found support at 0.45 on Wednesday, a negative day for most crypto markets. This level, which has not been seen since June of last year, is the only remaining level of salvation for Cardano bulls, which acted as support three times in the past month. Still, the token chart isn’t seeing many buyers, which is reflected in the lows where every relief rally attempt over the past two weeks has ended.

The news about the delay of Vasil’s hard-fork also derailed the situation, but Cardano’s founder Charles Hoskinson‘s speech in the US House of Representatives may help the bulls revive a bit and initiate a potential ADA price reversal.

It’s too early to pinpoint Cardano price, while the dollar-cost averaging approach could succumb to significant losses in the short-term.

Cardano Price Under Significant Pressure

Koinfinans.com As we mentioned, Cardano price is showing bearish signals that could move it away from the average dollar cost. On Wednesday, June 22, ADA price is trading at the lower end of the range at $0.46. The bears managed to produce a rejection from the $0.50 area. The technical data can be read as a local double bottom that could entice many traders and long-term investors to gnaw on the current price action.

As mentioned earlier, Cardano price is still holding its bearish target in the $0.30 and $0.20 areas. Traders should be careful not to become overly enthusiastic about the tempting double bottom formation. A breach of $0.39 could be the catalyst for lowering the ADA price to $0.30.

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The safer option for traders would be to wait for the $0.685 invalidation point to be breached. If this bullish event occurs, the price will continue to rise towards $0.75. A 3-wave pullback will eventually occur after the uptrend is exhausted. Traders will then have many opportunities to go long with the bullish momentum in their favour. Cardano price could rally towards the $1.40 region, which could result in a 195% increase in the current ADA price.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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