Cardano price saw a vicious bull trap and rejection compared to $1.64.
Bulls could not push the ADA price above $1.44 this week, pushing the price further away.
The scenario has been set for the ADA price to fall below $1.00 and seek support at $0.71 per share.
Cardano (ADA) bulls have done all in their power to increase the value of the cryptocurrency. However, the risks in the global market were too much to stomach, and bulls were dealt a crushing defeat against $1.14. The death cross formation, together with the current price action, suggests that Cardano will not be experiencing an uptick anytime soon, with losses expected to worsen even worse next week.
Cardano bulls should hibernate for the next week and return towards the end of the week.
Cardano price is on track to post another negative week, as bulls were unable and unwilling to take on the task of battling against the tide of global financial markets, as previously reported. A huge headwind for Cardano’s price action was handed on Wednesday by Powell and the Federal Reserve, setting the stage for a 10 per cent drop in value for the week. This slight shift away from $1.14 and towards the $1.00 range, albeit only tiny, sets up the stage for future price movement into next week as it tests the waters around $1.00.
As long as present headwinds continue to persist and rock financial markets to their very core, the ADA price might test and fall below $1.00 for the remainder of the week into the following week. Cryptocurrencies are not a viable asset class for achieving their maximum potential in a mild risk-off environment. Therefore, anticipate bulls to stay away until market conditions improve and clearer risk-on signals emerge; however, expect the ADA price to plunge towards $0.71, representing the low point since mid-February.
The history of the ADA pricing
The chart below depicts the Cardano price over a long period. When the ADA price first became available on Binance, investors met it with enthusiasm, as you can see in the chart below. During the cryptocurrency surge of 2017, the price of Cardano reached an all-time high of $1.40, setting a new record. As you may recall, this occurred during a period in which the Bitcoin price soared to about $20,000 per bitcoin.
Will Cardano reach a value of $10 by 2022?
Will the Cardano price skyrocket to $10 by 2022? This is a question that is frequently posed. In their opinion, the year 2022 will be another difficult year for the price of Cardano, as predicted by LongForecast. They anticipate that its price will decline in 2022, with the year ending at $0.55. The coin will return to $1 for the first time in October 2023, the earliest possible date.
While everything is going on, analysts at Wallet Investor believe that the ADA price is close to reaching a bottom. As a result, they anticipate that its price will return and complete the year at approximately $2 per share. Because of this, it seems doubtful that Cardano would reach $10 in value by 2022.
Technical study of the ADA pricing Should I invest in Cardano?
The daily chart of the Cardano cryptocurrency reveals that the price has been in a strong bearish trend for the previous few months. As a result, the coin is currently positioned at a critical support level, which it has struggled to breach on many occasions throughout 2021. The price of ADA has fallen below both the 25-day and 50-day moving averages in recent days. It has even taken the shape of a funeral cross. I, therefore, predict further declines in cryptocurrency prices, as bears aim for the important support level of $0.50 per coin.