Cardano price weakens as bears print new monthly low and target $0.62

  • Cardano price set a new low to start the week.
  • The bears added further selling pressure by setting a descending bar in the New York session.
  • A bullish engulfment above $0.883 will be the first signal to invalidate this thesis.

Cardano (ADA) price starts the week with flashing negative signals as the bears pushed it lower in the New York session. The chart suggests that bulls are beginning to lose faith in the relief rally that has occurred based on fundamentals.

Cardano’s price should worry investors

Cardano’s price is not free from weekly opens which are standard pioneers in the field of crypto. The bears managed to print a bullish bar during Sunday’s late evening Japanese session, but unfortunately the bullish engulfing candle has mixed signals attached to it on the 12-hour chart.

On the one hand, the bullish engulfing found support at $0.7761, which is Cardano’s lowest price for the whole month. Second, the bears have flexed their power over the price of ADA, setting a low bar in the New York session. Signals like these are usually indicators of weak hands in the market. Intraday traders should be aware that the New York and London sessions are usually where smart money tends to operate the most.

That being said, ADA price could be due for further decline as the early bulls supporting the $0.776 low are likely to be challenged during the week with up to 20% lower from the lows. targets of $0.67 and $0.62.

ADA-USD 8-hour chart

Despite the bearish signals weighing on Cardano’s price, traders should keep in mind that the amount of hype surrounding Cardano’s price is likely to come with counterfeits and increased volatility.

The first invalidation signal will be a bullish engulfing candle above the current New York session high at $0.813. If that happens, the bulls will likely produce bullish momentum towards targets of $0.85 and $0.92, up to 20% above the current ADA price level.