Cardano extend negative price action to $0.94 after market supply outweigh demand
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- Strong bearish pressure pushed the price of Cardano to the south
- $0.94 is the next bearish target for the asset
- Cardano relation with Ethereum ( the essential things to know between the two assets)
According to Nerd wallet, Cardano (ADA) has been termed as a fast-rising digital currency network that should be considered as the next opposition to the Ethereum network. Despite the presence of bearish market situations across the entire crypto market, Cardano’s total market Cap as of the time of writing this analysis is worth $33 billion and $14 billion below the USD stable coin.
Technical outlook for ADA/USD Price Action
Cardano sight a fresh support at $0.94
At the moment, the all-round price action of Cardano remains negative as the value of the asset aims to hit a negative price target at $0.94, and if at all the market supply should outperform the demand for the asset, the value of Cardano will retain negative value.
ADA/USD hourly technical analysis viewpoint
Source – TradingView
From the hourly chart market, speculators would see that Cardano has for long been trading with a strong bearish price action after facing tight rejection along with the $1.39 near-term resistance.
However, if at all the price of action of the digital asset pair should break below the immediate support at $0.94 then the overall price action of Cardano will resume to the bearish zone. On the flip side, if the price movement of Cardano should bounce above the $0.94 immediate support, the value of ADA/USD will tend to hit immediate resistance at $1.10.
Cardano daily technical analysis
Source – TradingView
From the 1-day chart, Cardano Seems to trade with a strong bearish bias after making a series of lower lows into support in the previous trading bout. Yet $0.94 could be a turning point for the asset if the volume of the buyers should outweigh the sellers’ pressure in the market.
Summary
Cardano trades with a strong bearish bias, as the value of the asset eyes to retest the previous negative price target of $0.94.
Cryptocurrency
