Cardano: Crash Ahead? Prepare for a Potential 20%+ Downside!Hey Realistic Traders, let’s dive into the analysis of BINANCE:ADAUSDT
On the daily chart, Cardano continues to struggle below the critical EMA200, signaling a persistent bearish bias. Even more telling, the price has repeatedly respected the bearish trendline, underscoring the strength of this downtrend.
To make matters worse, we've seen a breakout from two major bearish formations: the Rising Wedge and the Ascending Broadening Wedge. Both patterns point to a continuation of the downward spiral. Adding fuel to the fire, the MACD has made a clear bearish crossover, confirming that the bears are firmly in control.
Based on these signals, we anticipate a sharp drop toward the first target at 0.2753. After that, a brief pullback could bring prices back into the green zone before heading even lower to the second target at 0.2384.
This technical outlook remains valid as long as the price stays above the support area at 0.4158.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Cardano.
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BITCOIN: Bearish Pin Bar Signal$BITCOIN ($BTCUSD) – Cash: The Bearish Pin Bar Signal triggered
(WARNING ON CRYPTO: TRADING BITCOIN AND CRYPTO IS HIGH RISK, CONSIDER A REDUCED POSITION SIZE AND LOWER LEVERAGE UNTIL YOU ARE FAMILIAR WITH THESE MARKETS).
Price Action: Price moved lower from the recent Bearish Pin Bar Signal that had formed earlier this week (We suggested trading this signal in the May 11th, members' daily newsletter).
Price significantly moved lower from the prior Multiple Inside Bar Pattern that had formed just above the 37559 prior short-term support level (Which is now a Key resistance level and an Event Area) over a week ago (We suggested trading this pattern in the April 29th, members daily newsletter).
Price moved lower from the prior Bearish Pin Bar Signal (Event Zone) that had formed just under the 42608 short-term resistance over two weeks ago (We suggested trading this signal in the April 24th, weekly newsletter and hopefully some traders got on board).
Potential Trade Idea 1: For more aggressive traders, we are considering selling on a retracement higher whilst price remains below the recent Bearish Pin Bar Signal.
Potential Trade Idea 2: We are considering selling on a retracement higher whilst price remains below the 37559 key resistance level and the recent Multiple Inside Bar Breakdown Pattern (Event Area).