Sell the news? Cardano Price Likely to Fall 20% Despite Vasil's Hard Fork Euphoria
ADA is running out of buyers despite Cardano's long-awaited hard fork potentially going live in late July.
Altcoin Watch
Cardano (ADA) plunged this July 21 as the market favors mounting selling pressure around its most reliable resistance levels in 2022 over a major hard fork ahead.
ADA price could plunge 20% by early AugustADA price fell 5% intraday to $0.476. The downward move is part of a broader retreat that began a day after briefly breaking above its 50-day exponential moving average (50-day EMA; the red wave in the chart below) near $0.50.
The 50-day EMA has served as a resistance level on the ADA curves since October 2021.
Daily ADA/USD price chart. Source: TradingViewFurthermore, the upper trendline resistance of a larger descending channel pattern has bolstered selling sentiment around the 50-day EMA wave of the 'ADA. Earlier in June, the same confluence of resistance triggered a price decline of 35% towards the lower trendline of the channel.
Therefore, ADA's new corrective move is likely to take the price towards $0.384 by July or early August, down about 20% from the July 21 price.
2018 fractal suggests $0.20 per ADAHowever, a separate analysis sees ADA dropping to levels deeper than $0.384.
Published by TradingShot, the ADA bearish forecast draws comparisons between the ongoing correction and that seen during the 2018 stock market crash, as shown below.
2022 Daily ADA/USD Price Chart by compared to 2018. Source: TradingViewIn detail, the 2018 chart above shows ADA experiencing multiple bearish rejections near its 50-day EMA (the orange wave) while trending higher. going downhill...
ADA is running out of buyers despite Cardano's long-awaited hard fork potentially going live in late July.
Altcoin Watch
Cardano (ADA) plunged this July 21 as the market favors mounting selling pressure around its most reliable resistance levels in 2022 over a major hard fork ahead.
ADA price could plunge 20% by early AugustADA price fell 5% intraday to $0.476. The downward move is part of a broader retreat that began a day after briefly breaking above its 50-day exponential moving average (50-day EMA; the red wave in the chart below) near $0.50.
The 50-day EMA has served as a resistance level on the ADA curves since October 2021.
Daily ADA/USD price chart. Source: TradingViewFurthermore, the upper trendline resistance of a larger descending channel pattern has bolstered selling sentiment around the 50-day EMA wave of the 'ADA. Earlier in June, the same confluence of resistance triggered a price decline of 35% towards the lower trendline of the channel.
Therefore, ADA's new corrective move is likely to take the price towards $0.384 by July or early August, down about 20% from the July 21 price.
2018 fractal suggests $0.20 per ADAHowever, a separate analysis sees ADA dropping to levels deeper than $0.384.
Published by TradingShot, the ADA bearish forecast draws comparisons between the ongoing correction and that seen during the 2018 stock market crash, as shown below.
2022 Daily ADA/USD Price Chart by compared to 2018. Source: TradingViewIn detail, the 2018 chart above shows ADA experiencing multiple bearish rejections near its 50-day EMA (the orange wave) while trending higher. going downhill...
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