Cardano’s price has violated a downward trendline and is unable to close above $1.40.
The markets’ profit-taking isn’t helping to keep ADA from rising higher.
To the downside, $1.15 is the only true first support.
For purchasers to pick up ADA again and push it higher, the price of Cardano must first drop.
Cardano has had a strong run higher from June 21, with investors coming in at $1.00 and pushing it up to $1.40 on June 29. However, the ADA euphoria is dissipating, and the stock appears to be sagging to the negative with no support to hold on to.
Cardano’s price was smack dab in the middle of the $1.00 and $1.90 range, briefly topping $1.40 before fading in the last few hours. If the bullish trendline is broken, ADA might move towards $1.30.
The higher Bollinger band confirms the trend and appears to be putting a ceiling on any potential upside for the time being. On the downside, the lower Bollinger band, which has been decreasing since June 16, appears to be collapsing with the descending trendline.
Cardano provides the lower Bollinger band and the declining trendline as support between $1.11 and $1.15, where buyers must step in for an upswing to resume.
12 hour chart of ADA/USD
Markets are seeking for direction in general, and with a little risk-off, Cardano price may dip lower in the coming days as we approach the weekend.
The median Bollinger band may provide some short-term support, and if markets return to risk-on, ADA may be able to retest $1.43 once more./n
