The prices of Cardano (ADA) are preparing a final week marked by weakness in the exchange with the US dollar (USD). Starting from the relative highs of 10 September last, reached at 0.5242, the crypto has already recorded a fall of -13.36% overall to today’s lows, reached (so far) at 0.4542. It should be noted that the previous minimum of importance, dating back to 7 September last, was set at 0.4541, so we cannot yet say that the sequence of rising highs and lows that supports ADA from 29 August onwards has been interrupted. However, it is good to underline that, as we write, there are still no technical signs of exhaustion of the decline, so the achievement of new relative lows seems extremely probable already between tonight and tomorrow (Saturday 17). Meanwhile, when it is 19.59 CET on Friday, September 16, Cardano is trading at $ 0.4584, down -1.66% on a daily basis.
Increase Bearish Pressure
Bearish indications, at least relative to the short term, had already formed on Cardano during the first part of the week, so much so that with the analysis published last Wednesday we had already identified the resistances that kept the downward scenario active. The essential technical data is that these resistances have already dropped thanks to the achievement of today’s new relative lows. This suggests that traders who speculate on the descent are placing their short entry orders progressively lower, increasing the bearish pressure.
At the same time, even the buyers who still hold Cardano, and who in the last few days have not been fast enough to monetize before the decline, are now placing their sell orders closer and closer, doubting the true ability of the crypto to trigger a new recovery. broad, at least in the short term.
Specifically, the resistances are to be found now – and until the first part of next week – at 0.4726 / 4741 and 0.4958 / 4976. Both will be points of probable restart of the downside in the event of recoveries, especially during weekend trading.
The bearish projections can be updated by virtue of the latest price movements. The main target already active is located at an altitude of 0.4190 / 4200, to be reached by passing through a first intermediate target at 0.4395. The main target is placed at a support. Upon reaching it, therefore, it will be advisable on our part to wait for price signals before proceeding with new updates, as the conditions suitable for a rebound could be recreated.CopyAMP code.
For a ratio that is as favorable as possible between risk / benefit, it would be preferable to follow the market with short positions only on any reconciliation at least to the first resistance, in any case from prices not lower than 0.4675. Otherwise, the amount of the theoretical stop-loss would be disproportionate to that of the theoretical gain. The scenario described would be nullified by a close on the 30-minute chart above 0.4976.