- Cardano price falls in free fall fashion despite several cryptos providing a break-even opportunity.
- ADA price could continue declinining into the $0.35 barrier.
- Invalidation of the beamish trend remains at $0.50.
Cardano price validates last week's bearish trade setup as the bears are now in profit 12% since the plummet was prophesied. An additional fall to $0.20 is now on the table. If the bulls do not show up to recover the ADA price, soon expect the latter.
Cardano price is a sinking ship.
Cardano price currently trades at $0.42. Traders who partook in last week's 2.75-1 Risk-to-Reward trade setup are enjoying the ongoing calamity as the first bearish target at $0.41 is moments away from being actualized. Despite all of the bullish signals in the market last week, Analysts at FX street maintained Cardano's overall bearish feel. Though it was a difficult call to make, Cardano's demise proves the theory that "all boats lift with a rising tide" untrue in the Cryptocurrency market.
While several bullish trade setups last week provided hours/days to move profitable positions to break even, the Cardano price moved in total opposition. The ADA price fell "penny-from-Eiffel" style showing no remorse for the bullish optimists on the three-hour chart.
ADA/USDT 3-Hour Chart
Now it appears the bearish trend could get a lot more powerful. Safest Invalidation for the bearish decline will be a close above $0.50. If the bulls can besiege the $0.50 barrier, they could induce a buyers' frenzy targeting $0.68, resulting in a 40% increase from the current Cardano price.