Price Analysis

Blowing Bearish Cardano News, What Would Be The Future of Cardano(ADA) Price?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 9, 2021

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Highlights

    Cardano price is not showcasing any chance of a notable rebound as the downtrend continues since the early trading hours

    More bearish divergence is all set to hunt the Cardano price rally which could drain out a huge

Bitcoin is yet again draining at a notable margin, slashing below $48,500 in a very short time frame. And hence initiated with a notable bearish trend throughout the crypto space. However, Cardano price which had drowned extensively since the beginning of December appeared to have halted its downtrend a little. Hovering around the consolidation, yet the ADA price is awaiting a notable push. Yet a massive breakdown could make its way out anytime from now. 

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A couple of months before, a similar event occurred with the Bitcoin price which slashed the asset with a notable region. The ‘Death Cross’ which hovered the BTC price rally is now haunting the Cardano price rally. The event is expected to occur any time from now and hence a remarkable plunge could be imminent. 

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As mentioned in the above figure, the 50 day MA is on the verge to cross the 200 days MA and swinging towards the south. Therefore manifesting the possibility of a notable drain incoming soon. Interestingly this event has not occurred ever since the beginning of the year 2021. And hence if the price keeps consolidating or plummets to the lower levels, the 50-day MA could eventually cross the 200-day MA confirming with the death cross. 

Overall a bearish trend is hovering around the crypto space especially over the Cardano price. The next couple of hours could be extremely important for the rally as a notable flip could prevent the death cross from occurring. Yet the concern over the rally still hovers as the ADA price which maintained around $1.38 has slipped to lower levels around $1.32. And hence, the asset is still in deep trouble at present as a huge bearish well is awaiting for the asset ahead. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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