Is Cardano price heading towards $0.20?

  • The ADA price is unfolding like an impulsive downward wave.
  • Cardano price is showing a bearish divergence on the relative strength index.
  • The downtrend invalidation is a breach at $0.87.

Cardano price could be preparing for a fatal fall to $0.20.

Final capitulation of low Cardano price

Cardano price could be preparing for its final capitulation. The technical data indicates a zig-zag that can extend up to $0.20. Traders should be extra cautious as the waning wave hints at a 20% countertrend space to potentially move up from the current price of $0.55. Still, market scalpers should be aware that they are casting rods in dangerous waters, as the slope of the downside indicates the current price in an extended and unfinished Wave 3.

Cardano’s price can either sweep the lows as early as Monday morning or truncate in the vicinity of last week’s low at $0.44 before a new uptrend occurs. Nonetheless, traders should aim to maximize the potential reward while safely managing their risk. Before entering a short position, traders should consider waiting for the final 4th leg to print at the $0.65 area. It should be noted that the Relative Strength Index is showing hidden bearish signals at the time of writing, further confusing the idea of ​​further declines in the coming days.

ADA/USDT 4 hour chart

The downtrend invalidation is a breach at $0..87. If this level were to be touched, the downtrend would be zero and the bulls could then target $1.20, which would result in a 100% increase from the current price of Cardano.