Right now, I believe that you are more likely than not going to get an opportunity to buy it at much lower levels if you are patient enough.

Cardano tried to rally Tuesday but continues to drift lower as crypto is being manhandled lately. That being said, we have lost almost 2.5% during the day, after initially trying to go green. Cardano is going to be no different than any other cryptocurrency, as it is under the thumb of fear right now. After all, risk appetite has been absolutely decimated, and markets like Cardano will continue to look far too risky for a lot of the “big money.”

When you look at this candlestick, it is yet another shooting star, just as we had seen shooting stars during the previous two sessions. However, if we were to turn around and take out the high from a couple of days ago, that would actually be a very strong sign, perhaps opening up the possibility of an attempt to reach the 50-day EMA, and then eventually the 0.70 level. Nonetheless, I think that would take a lot of momentum, and I certainly think that the most likely of directions is the downside.

If we were to break down below the $0.45 level, then I think it is only a matter of time before Cardano reaches the $0.40 level, and then possibly even much lower than that. In fact, I think it is more likely than not that we will end up breaking down. The 0.30 level underneath would be a potential target, and then we could be looking at $0.20 after that. Cardano seems to be taking its time rolling out its network and all of the roadmap that goes with it. However, that can be said about most crypto, as it is developing much slower than people thought.

Cardano has a branding problem as well because although it is a sound and fundamentally interesting technology, the reality is that there are a lot of competitors out there, some of which are much more publicized. That being said, so far the real-world use case scenario of Cardano has been underwhelming, but the potential is still there. If money starts to move out on the risk spectrum, Cardano might have a real shot at a turnaround. Right now, I believe that you are more likely than not going to get an opportunity to buy it at much lower levels if you are patient enough.

There’s nothing on this chart that looks remotely bullish.

Cardano has done very little over the last couple of weeks, as it has been hanging out just above the $0.45 level. This is a market that looks as if it is killing time until it decides what its next move is. The fact that we have sat in the same area for a little while does provide a little bit of comfort for those who were bullish on Cardano, but at the end of the day, the fact that we have not rallied it all should probably be the focus.

If we were to break down below the $0.45 level on a daily close, then I think Cardano has further to fall. Regardless, Cardano is going to struggle in this environment, as the crypto world itself is falling apart. There are a lot of projects out there that have absolutely no business being traded because they are never going to do anything. I’m not saying that about Cardano, but there is going to be a great reckoning over the next year or two, because we have reached the point as we did in 1999 with tech stocks.

Eventually, you have to turn some type of profit or actually be used for something other than a pet project. As things stand right now, crypto has a lot of promise but at the end of the day, it’s not overly useful the moment. Because of this, and the massive speculation that we had seen in some of the smallest coins, there is a lot of financial destruction that people will have to sit on top of before they can dip their toes back into the water. There have been a lot of people wiped out by the crypto meltdown, so it’s going to take some time to build that trust back up. However, if you are a longer-term believer in the Cardano ecosystem, and I certainly think there is something to be said about it, you should welcome these breakdowns because they will offer longer-term investing opportunities. As far as trading goes, the only thing you can do with crypto right now is short every rally that comes along. The 50-day EMA sits at the $0.60 level and is dropping toward the current price action. There’s nothing on this chart that looks remotely bullish.

ADA/USD has seen a flurry of price action this week like all the major cryptocurrencies, but after hitting short term lows yesterday Cardano has sparked slightly higher.

As of this writing ADA/USD is traversing slightly above the 51 cents level. Cardano remains a wickedly quick moving cryptocurrency. Any speculator contemplating its price range and participation needs to be able to use all of their risk management skills, to make sure they are prepared for the speed of ADA/USD. A low of nearly 44 and half cents was produced yesterday.

While Cardano certainly remains within a long term battle via the headwinds from a strong bearish trend, ADA/USD occasionally is able to produce slight reversals higher.   ADA/USD is near its long term lows and values from early February of 2021 are plainly in sight. The past few days have seen Cardano flirt with marks of 43 and half cents, but ADA/USD has not suffered a fall to January 2021 prices as of yet, where prices like 33 cents can be seen via long term charts.

However this ability to stay above the depths of January 2021 prices may in fact be a warning sign.  Skeptical traders who have a taste and belief that more downside price action will develop near term, may be looking at the current price of ADA/USD and view it as a potential ignition point for selling positions. Resistance currently resides near the 52 and a quarter cents ratio. If the 52 cents level is not able to be surpassed in the short term and the broad cryptocurrency market takes another downturn, ADA/USD could certainly aim for lower depths in a blink of the eye.

Speculative conditions within ADA/USD near term are going to remain ultra-dangerous to wager within. Current support near the 50 and half cents mark is nearby and if this value falters traders may have a strong belief the 50 cents price will prove vulnerable too. Speculative conditions in ADA/USD do create hyper fast changes in value, and stop loss and take profit orders need to be part of the trading arsenal in order to create some protection.

ADA/USD is frequently able to produce reversals higher after hitting support levels which are attractive.  Technical traders however are faced with the dilemma of trying to time the precise level support levels will spur on temporary moves higher in the face of what has proven to be a long lasting bearish nightmare. Speculators who are intent on participating in Cardano may simply want to continue to wager on downside price action, and this cannot be faulted. Traders could use current resistance levels which are not able to see sustained price action above, as a place to consider shorting Cardano near term.

Cardano Short-Term Outlook

Current Resistance: 0.52250000

Current Support: 0.50620000

High Target: 0.53890000

Low Target: 0.47350000

I believe that anytime Cardano rallies, you need to be looking at it as an opportunity to start shorting again, as the trend is so firmly ensconced.

Cardano tried to rally a bit on Tuesday but gave back quite a bit of the gain. At this point, it looks as if the market is trying to threaten the $0.45 level underneath, which is an area that has been supportive multiple times. The $0.45 level has been important for a couple of weeks in a row, but I do think it’s only a matter of time before breaking through there. If we do slice there, then it’s likely to go looking to the $0.20 level after that.

The 50-day EMA sits above the $0.60 level and is sloping lower. It looks as if we are going to continue to see plenty of sellers on rallies, so I don’t have any interest in trying to get long. If we do break above the 50-day EMA, then we could recover to the $0.80 level, but it seems to be very unlikely to pick up that type of momentum while the rest of the crypto markets are so disastrous.

Furthermore, Cardano seems to have no real momentum going forward as far as completing some of the projects is concerned, and it’s taking a ton of time to make all of these things happen. Because of this, the market is likely to continue to get punished much more than many of the other projects out there, and at this point, there are a lot of questions as to whether or not Cardano is ever going to get it all together. Do not get me wrong, I believe that the Cardano project has a lot of potential, but at this point in time it’s not living up to it. Furthermore, money is not looking for speculative places to go to work, so Cardano is going to continue to suffer at that point. I believe that anytime Cardano rallies, you need to be looking at it as an opportunity to start shorting again, as the trend is so firmly ensconced. Furthermore, when you look at the chart, it is almost a textbook example of what a downtrend should look like. I believe $0.20 will be targeted over the next several weeks, and perhaps even lower than that. There are currently no crypto markets I’m willing to buy.

A quick push higher has brought ADA/USD to solid short term highs, but this burst of energy has been seen before in Cardano and it has been followed by moves lower.

Cardano has come out of the weekend performing a rather polite climb higher.  As of this writing, ADA/USD is traversing slightly above the 62 cents level and its bursts higher the past handful of hours may have bullish traders getting excited for further journeys upwards and dreams of hitting 66 cents or more. While this upper tier prices are certainly attainable in the short term, so is the possibility that another downturn will develop.

Technical perception is a large part of the puzzle for day trader consideration.   While a five day chart shows a solid rise and creates the notion that new highs have been achieved, a look just a bit further backwards towards the end of May shows that ADA/USD is still below marks achieved on the 30^th and 31^st of May when the 68 cents level was challenged. Cardano moves fast.

Depending on perspective, traders could absolutely decide that another push higher for short term wagers might create enough momentum to find the higher prices seen one week ago.  Short term wagers as always are advised to use conservative leverage, stop loss ratios and take profit tactics. Intriguingly the broad cryptocurrency market has displayed a bit of optimistic buying in some of the other major digital assets this morning, Bitcoin among them.

However, because ADA/USD has been dealing within the confines of a strong bearish trajectory for quite some time, it needs to be considered that there is potential to look for reversals lower too. While it might be tempting for traders who feel the need to be buyers to seek upwards climbs and profit via rises in price, there is also the potential for selling ADA/USD when key resistance levels are within sight based on the thought that Cardano will return to its selling trend in the near term.

Day traders should be careful today.  This morning’s activity shows that short term buying has produced a rather solid amount of gains and there is reason to suspect ADA/USD could flirt with higher prices seen in the last days of May. Short term wagers on the 63 and 64 cents levels could prove worthwhile for buyers. However bullish traders are urged not to become overly ambitious, because it appears ADA/USD still has days ahead when it will press lower again.

Cardano Short-Term Outlook

Current Resistance: 0.62750000

Current Support: 0.60230000

High Target: 0.66940000

Low Target: 0.52930000

When there’s risk aversion, big money does not go into more speculative investments like Cardano or the rest of the crypto world.

Cardano rallied ever so slightly during the trading session on Thursday but has found the $0.60 level to be a bit too much to get above. Quite frankly, this is a market that has been garbage for quite some time, and the rally that we recently had seems to have been a short-term phenomenon because we cannot find any staying power. This should not be a huge surprise, because there will be traders that had tried to catch this falling knife and are now happy to get out at roughly breakeven.

Until the Federal Reserve starts to loosen monetary policy, it’s very difficult to imagine a scenario where crypto is the place to be. Because of this, the market is likely to continue being a bit of a mess, but given enough time it’s likely that we could see the market bottom, as Cardano certainly has an interesting profile going forward. Whether or not it will be anything that can keep up with demand and the needs of the world is a completely different question.

Cardano seems to be focusing on the Third World, which is an area of the world that has been underbanked. This makes it a little bit more unique than some of the others, and of course, the transaction times are much quicker. However, the biggest problem crypto has is that it seems like it’s a solution looking for a problem. I believe that we are about to see crypto get hammered yet again and that the selling is not over.

If you believe in Cardano longer-term, you will have an opportunity to pick up ADA at lower prices, which would be what I would plan on going. The market has collapsed roughly 50% since April and looks likely to continue going lower. Whether or not Cardano survives is not necessarily my concern, because I think it will. However, it would not surprise me at all to see Cardano eventually go looking to the $0.40 level, and then eventually break down below there. There’s just nothing out there that should be bullish for crypto right now, as the US dollar is extraordinarily strong, and there is a lot of risk aversion. When there’s risk aversion, big money does not go into more speculative investments like Cardano or the rest of the crypto world.

I do think that Cardano may have a future, but a lot of other smaller coins don’t.

Cardano rallied a bit on Monday, stabilizing right around the $0.50 level. That being said, crypto itself is in a lot of trouble and Cardano is not going to avoid that. We are in a strong downtrend and is difficult to imagine a scenario where things change rapidly. We are in fact in “crypto winter” when it comes to these altcoins. As long as that’s the case, unless something changes in the Cardano ecosystem that makes it head and shoulders above the rest, you can probably count on lower pricing.

Keep in mind that the rest of the crypto market pays close attention to Bitcoin and Ethereum. If both of those are struggling, these coins will not do very well unless it’s a specific case basis. At this point, it looks like both of those markets are trying to build a bit of a base, but the last time they attempted this, they shed 25% on the breakdown. If that happens, there’s absolutely no way that Cardano or other small markets are going to do well.

The $0.60 level above looks to be resistance, and it is probably worth noting that the 50-day EMA is racing toward that area as well. If you look at the action for the last couple of months, Cardano has paid close attention to the 50-day EMA, so I would venture to say there will probably be sellers in that general vicinity as well. Cardano seems to be finding a bit of support underneath at the $0.40 level, but there’s nothing particularly special about the $0.40 level that leads me to believe it will be better than any other level.

As far as buying is concerned, if you are a longer-term believer in the Cardano ecosystem, you should have plenty of opportunities to buy at lower prices. Perhaps “scaling in” might be the best strategy in that scenario, but you also have to be aware of the fact it could be a couple of years before crypto takes off again. You would need to see Bitcoin start to rally on a sustainable trajectory before others like Cardano follow along. Remember that this is a highly speculative investment, but it does have a lot of promise as far as its use-case scenario. Because of this, I do think that Cardano may have a future, but a lot of other smaller coins don’t.

The next couple of months could determine where the next couple of years ago.

Cardano fell again on Friday to reach the $0.43 level. This is an area that was visited just a couple of weeks ago, and when you look at the chart there’s almost nothing that suggests you should be a buyer of Cardano anytime soon. In fact, it’s starting to look like Cardano may be one of those projects that is a serious threat of falling apart. While I do like Cardano in general, the reality is that this is a lot like the technology sector in the late 1990s; there are going to be players in the space that are going to disappear. At this point, we have asked that same question of Cardano.

From a technical analysis standpoint, if you are short of Cardano, this is a beautiful downtrend. The 50-day EMA is currently sitting near the $0.72 level and is dropping at a nice sustainable pace. It should also be noted that it has separated quite nicely from the 200-day EMA, showing that the market most certainly should drop given enough time. That being said, if the market were to rally a bit from here, I believe that the $0.60 level is going to continue to offer resistance, and even if we break above there, the 50-day EMA will be a major problem.

I don’t like the idea of buying at this point, but I do recognize that eventually, Cardano could be a nice longer-term investment, assuming that it holds together. We are getting close to a point in time where a lot of these alternative coins are going to disappear, but there may be a few winners. Cardano certainly has a reasonable chance of being one of those winners, as there are some governmental cooperation factors to include, primarily in Africa.

That being said, this is a market that looks absolutely miserable, so if you are going to be a buyer, you have all the time in the world to get involved. If you are a trader, anytime this market pops just a bit, and especially near the $0.60 level, you have to get short. Furthermore, I would do so with leverage because this is about as bad of a chart as I have ever seen on a consistent basis. The next couple of months could determine where the next couple of years ago.

ADA/USD has fallen to critical support levels as the month of June is set to begin, and nervous sentiment remains a fixture in the crypto markets.

Cardano is trading below the 46 cents level as of this weekend’s writing.  ADA/USD remains locked in a downwards trajectory and have produced insignificant reversals higher in the past week, as it mirrors the poor trading conditions in the broad cryptocurrency markets. Bullish speculators wagering on upside based on the belief that ADA/USD is vastly oversold are likely having their fortitude tested in rather distasteful ways.

The support levels ADA/USD are traversing appear fragile and if the 45 cents juncture is broken lower this could set off an additional round of selling in Cardano.  On the 12^th of May, ADA/USD saw a volatile amount of selling take Cardano below the 40 cents threshold. A reversal higher was produced and a climb to the 60 cents marks were attained on the 13^th and 16^th of May. However, incremental decreases in the value of ADA/USD have been strong, and its current price level is too close for comfort to the lows attained on the 12^th of May.

Consolidation has been seen in the broad cryptocurrency markets the past couple of days, but nervous sentiment remains the key ingredient. The lack of a serious reversal higher and the notion that the long term bearish trend certainly remains on display, is likely causing traders to suspect additional selling pressure will be demonstrated. Speculative buyers seem to be in short supply and a rush of heroes who will suddenly propel ADA/USD to solid higher levels seems to be only wishful thinking.

Certainly ADA/USD is going to see reversals higher, but the question is how strong buying can possibly be under the present trading conditions.  Early February 2021 prices are now being challenged and if technical bearish speculators prove they are strong, a break below the 45 and 44 cents junctures could spark the notion that lower depths could be found.

On the 3^rd of September, 2021 ADA/USD was trading just below the 3.00000000 mark. The fall in value of Cardano since these apex highs is abundantly clear, and has likely hurt many speculators who have chosen to hold onto their positions long term. Day traders however have the opportunity to seek and take advantage of the negative bearish trend in ADA/USD. While some backers of Cardano may be right that the long term looks bright, this coming month of June is not exactly suggesting that bright skies are ahead for climbs upward that can be sustained.

Cardano Outlook for June

Speculative price range for ADA/USD is 0.33300000 to 0.66000000

ADA/USD remains locked into a negative bearish trend. Current price levels may appear cheap because of the value Cardano once exhibited, but for the moment sellers seem to outnumber buyers. If ADA/USD remains locked under the 50 cents ratio and the broad cryptocurrency market remains fragile, support levels may continue to be tested. As of this writing with the 45 cents juncture acting as support, speculators cannot be blamed for pursuing lower realms. If the 44 cents mark suddenly appears to be weak, price action could certainly take Cardano to prices seen the second week of May.

Ambitions even on the short selling side of the trading sphere should be kept realistic. Traders are urged to use risk management wisely at all times. The violent selloffs demonstrated the past couple of months may continue into June if behavioral sentiment remains weak and speculative buying cannot muster power, but there are no guarantees. If the 42 cents mark is broken in ADA/USD and prices are sustained near the 41 to 40 cents marks, this would not be a good sign for Cardano bullish positions.

Traders who choose to search for reversals higher based on the belief higher price action will be generated should keep their goals realistic. ADA/USD has had a difficult time climbing above the 50 cents mark the past few days, if this mark cannot be punctured higher it will be a negative sign. However if 50 cents is attained, traders should be willing to use take profit orders to cash in profits that emerge. The last time Cardano was above 60 cents was on the 15^th of May. ADA/USD can certainly move higher, but for the moment its bearish trend remains in control of its market sentiment.

There is a likelihood that the coin’s price will continue falling as bears target the key support at $0.4340.

Bearish View

• Sell Cardano and set a take-profit at $0.40.
• Add a stop-loss at $0.6450.
• Timeline: 1-2 days.

Bullish View

• Set a buy-stop at $0.6065 and a take-profit at $0.7435.
• Add a stop-loss at $0.500.

Cardano price has been in a spectacular sell-off as concerns about the crypto industry continues. The ADA/USD pair has declined from an all-time high of over $3 to today’s $0.5600. As a result, the coin’s market cap has crashed by more than $91 billion to today’s $18 billion. This decline has been worse than other big cryptocurrencies like Bitcoin and Ethereum.

Cardano Sell-Off Accelerates

Cardano is a leading blockchain project that was established in 2015 by Charles Hoskinson, a co-founder of Ethereum. The network’s goal is to help developers build decentralized applications (dApps) such as those in the gaming, metaverse, and DeFi industry.

However, while Cardano is a highly popular blockchain network, it has several challenges beneath the surface. For one, it took more about 6 years for the project to introduce smart contract features. In this period, some projects like Cronos and Avalanche were launched and achieved success.

At the same time, Cardano’s ecosystem is relatively small. For example, while Cardano has a market cap of over $18 billion, its DeFi applications have a TVL of just $137 million. Therefore, there have been lingering questions about the network for a while.

Cardano price declined sharply last week as Terra Luna moved from one of the biggest coins in the world to the biggest bust. A coin that was once valued at over $65 billion is now valued at $1 billion. Its stablecoin has lost its peg and is now trading at cents. Therefore, some analysts believe that Cardano’s lack of ecosystem could push it sharply lower.

Like other coins, the ADA/USD pair has bounced back in the past few days. It has moved from last week’s low of $0.4086 to a high of $0.6056. However, there are signs that this bear market rally could be short-lived.

Cardano Price Prediction

The ADA price managed to move below the important support level at $0.7435, which was the lowest level on February 24th. While the coin has made some gains, it remains below the 25-day and 50-day moving averages while the money flow index (MFI) has moved to the oversold level. The coin formed an inverted cup and handle pattern.

Therefore, there is a likelihood that the coin’s price will continue falling as bears target the key support at $0.4340. On the flip side, a move above this week’s high of $0.6200 will invalidate the bearish view.