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- Cardano price, like other cryptocurrencies, coils in a triangular fashion.<\/strong><\/li>\n
- ADA\u00a0 price sees rejection from both the 8- & 21-day simple moving averages.<\/strong><\/li>\n
- Invalidation of the downtrend is a breach above $0.48.<\/strong><\/li>\n<\/ul>\n
Cardano price could experience another sell-off. The swing lows established in June are unstable. Traders should also be hesitant to use the\u00a0 swing low on May 12 as a bullish invalidation level.<\/p>\n
Cardano price looks like a smart money trap<\/strong><\/h2>\n
Cardano price looks like it is setting up for a “sweep the lows” event targeting a retest of the $0.40 barrier and possibly the May 12 swing low at $0.39. Like many other cryptocurrencies in the market,<\/a> the alternative-smart contract token coils in a triangular fashion. However, unlike its peers, the ADA price never established a progressive rally throughout the last weeks of June.\u00a0<\/p>\n
Cardano price has been trading range bound within the mid-$0.40 zone for the last 23 days. Its recent sideways nature only pales in comparison to USD stablecoins.<\/p>\n
Cardano price currently trades at $0.456. On July 4, 2022, the bears successfully rejected the ADA price beneath the 8- and 21-day simple moving averages (SMA). ADA price could induce traders to open an unjustified<\/a> long position, believing that the triangular pattern will continue to hold.\u00a0<\/p>\n
An additional retest of the $0.43 barrier could become the catalyst to breach the swing lows established in June at $0.42. Furthermore, attempting to catch a knife in the $0.41 region while using the June 12 swing lows at $0.39 is\u00a0ill-advised<\/a>. Ultimately, this thesis concludes that a plummet to $0.37 and lower will be unsurprising.<\/p>\n
- ADA\u00a0 price sees rejection from both the 8- & 21-day simple moving averages.<\/strong><\/li>\n
![\"tm\/ada\/7\/5\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/ADAUSD_2022-07-05_18-25-29-637926624595806574.png\")
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