Cardano's cryptocurrency (ADA) reached a high price level of $ 0.082 last week, but the bulls lost advantage and could not push the price even higher. As a result, the bears quickly took control of the situation.
A further increase in pressure of bears led to the fact that the zone of demand fell to $ 0.078. The price has formed a “descending triangle” on the four-hour chart.
The 21-day EMA and the 50-day EMA are closely related as proof of market ranking. The price of the ADA is trading below the 21-day EMA and the 50-day EMA, which indicates the active pressure of the bears.
If the bears gain enough momentum, ADA will break through the lower trend line (support level is $ 0.073), and the level of demand will be $ 0.06. At the same time, if the bulls protect the zone of demand in the amount of 0.073 US dollars and break the upper trend line of the triangle, then the price of ADA rushes to the level of 0.078 dollars, and then to 0.082 dollars.
Cryptocurrency also depends on the short-term forecast. The formation of the downward triangle is evidence of consolidation in the ADA market. The price is below the 21-day EMA and the 50-day EMA with a MACD below zero, which means bear pressure. Because the price of ADA may well fall below $ 0.07.
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