CandleFocus

Cardano Price Breaks Below 50-Day EMA: Downside Risk Targets $0.70

Author: Content Editor
The price of Cardano (ADA) has fallen below key support levels, and sellers are now targeting a retest of $0.70. The overall altcoin market is facing a downturn as Bitcoin approaches $95k, and top cryptocurrencies like Ethereum, Cardano, and XRP are falling below crucial support levels. Cardano's price trend indicates significant downside risk, and the bearish channel pattern on the 4-hour chart suggests a continuation of the downtrend. The 200 EMA on the 4-hour chart has produced a bearish crossover, and the 4-hour RSI is in oversold territory. On the daily chart, Cardano has formed its fifth consecutive bearish candle, breaking below the 50-day EMA. The downtrend is likely to test the 100 EMA at around $0.71, indicating a downside risk of 13-15%. However, a potential reversal could occur if the 4-hour candle closes bullishly above the support trendline, pushing the price back toward the 200 EMA at $0.976.

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