Cardano (ADA) was supposed to be a new, biggest thing, which would really challenge Bitcoin. As of today, however, Cardano is still losing on its price. What has happened with ADA?
At the beginning of April, we’ve made an analysis of Cardano. Today, we want to update that because there is happening a lot with ADA.
The end of the month fits into a frequently seen pattern – low turnover and lack of determination in the markets. Unfortunately, in this monotonous struggle, the demand side loses in most cases.
Not so positive breakout
After the last mentioned breakout from the side trend (0.00000850-0.00001380)and getting to the resistance 0.00001945, ADABTC steadily continued the drops in the vicinity of the upper line of the parallel channel.
The Cardano market was influenced by the strong supply side. Reaching 0.00001380 support has become a fact.
Is it any chance for change?
The demand side had a chance to defend itself and to introduce an upward adjustment from around 0.00001590-0.00001690. It was an ideal place from the point of view of technical analysis to stop the downward trend. However, the loss of such important support means that the current trend is accelerated. The supply side did not waste this opportunity by bringing the market to the vicinity of the nearest support in a blink of an eye.
Currently, we can consider two scenarios. After a successful defense of resistance 0.00001380 we can expect the demand side to be activated and the commencement of an upward adjustment to value 0.00001490 and then even to 0.00001600. However, if the buyers do not break the level of 0.00001380 permanently, further dominance of the supply side is possible and the continuation of falls to 0.00001300.
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