Cardano Price Critical Support Levels
Cardano Price is still on the fall in early Tuesday trade after losing over 12% of its value in the previous 24 hours due to the bearish momentum in the entire crypto market. Currently, ADA Price is trading at $1.24.
Moving averages, as well as the technical indicators like MACD all hint at a negative bias on the 4-hour chart of ADA/USD, implying that the price may drop further. The price has already broken through the $1.28 level, which previously served as support.
The next level of interest to watch is the $1.13 support. If this level is broken, further bearishness is likely towards the $1.00 level, and potentially even lower.
ADA Price Would Stoop to $55Cents
The price is near to breaching its crash low of $1, which could provide some respite in the immediate term. The bearish impulse structure, on the other hand, predicts that prices will continue to fall, maybe to the $0.55 level.
Highlighting the relevance of the 30 % Fibonacci retracement. wave (2) has corrected 70% of the whole bullish leg since 1.7c, implying a 30% correction in wave (4) to meet the 100 percent retracement summing guideline sometimes seen when gauging the depth of corrections.
Wave (5) is likely to soar to new highs once wave (4) is completed, which could end a little higher or lower than the support projected in wave (4).
The medium-term structure may fall short of expectations if the bearish impulse stops and reverses upward, either after a false break below W’s low or a weak attempt to break down below it.
In that case, wave X’s correction would most certainly continue to the upside, returning prices to the last correction high near $1.95. An elongated correction in wave X of (4), where wave X could create a flat pattern, will be indicated by such a move.
We should expect the correction in wave Y of (4) to continue to its pre-projected destination of $0.55 only when ADAUSD reaches near the local top.